Will Republicans Fold in Fight for Jobs?

Massachusetts Republican Sen. Scott Brown has undercut his Republican colleagues by announcing support for President Obama’s tainted nominee to the Consumer Financial Protection Bureau (CFPB), Richard Cordray.  Republicans have help up the Cordray nomination in an effort to reform the super regulatory agency that was created by the Dodd-Franks legislation in 2010. 

The CFPB was designed to be a regulatory agency “one like we have never seen before.”  Unprecedented power was handed to one person – the Director – to regulate the economy as he see fit.  Little, if any, checks and balances were put into place.  Funding for the Bureau does not come from Congress and there is little Congress can do to stop a rouge bureau or director.  Only for malfeasance or criminal acts can a new president replace the director who is nominated for a five-year term.

With this in mind, Sen. Richard Shelby and 43 other Senators signed a letter declaring their refusal to confirm any nominee to the position of Director of the CFPB until common-sense checks and balances are put into place. 

For conservatives and Tea Party activists this is a critical battle.  With the economy shackled under the weight of out of control spending, government growth and new layers of red tape, the CFPB will add additional controls on the economy all at the whim of the director.  In fact, at a recent congressional hearing, the bureau released an 802-page document justifying more regulations on the economy.

Equally as frustrating is the fact that Cordray was caught with his hands in the crony cookie jar.  While serving at Attorney General for Ohio his campaign profited from a scheme that allowed trial lawyers to sue pension funds.  In return for potential windfall profits, these out of state law firms filled the state Democratic Party checkbook with hundreds of thousands of dollars of political contributions.  Cordray approved the scheme.

Unfortunately, the Republicans in the Senate have been reminded that you are only as strong as your weakest links.  Sen. Brown has undercut his colleagues by announcing support for Cordray even without critical reforms. Even more troubling are rumors that Sen. Rob Portman (R-OH) would like to see his fellow Buckeye confirmed.  Of course, there is always concern that the liberal Republicans from Maine will turn tail and run. It’s critical that the Tea Party step up and help fortify the defense lines.  The future of the economy is at stake.