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Sen. Richard Shelby on the new campaign to improve the structure of the Consumer Financial Protection Bureau.
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All right the senate meantime expected to vote to -- on the nomination of the former Ohio attorney general Richard -- dread to service the director the Consumer Financial Protection Bureau that was created you might remember under the Dodd-Frank.
Regulatory reform legislation but.
At least 45 Republicans are vowing to block the nominee.
Including our next guest is Republican senator Richard Shelby of Alabama so this just so people senator Shelby thank you for coming -- know what we're talking about.
The consumer protection bureau was basically the brainchild of Elizabeth Warren is now running for the senate.
In Massachusetts the thinking at the time was she would be nominated for this position because they couldn't get her through the senate but why are you guys try to block this guy.
Well it's not about this person it's about the structure of this consumer.
Agency there was created under Dodd-Frank you know this would what we're trying to do.
Are three things to change the legislation to make.
Eight.
Council here rather than have all the power vested in one part to make it accountable to congress for its money.
Third lead to make sure that when they make these regulations that will affect just about every financial institution.
Everybody -- in credit in this country.
Said deep to say safety and sound and -- without a lot of banks without out of financial institutions still in trouble.
This would be.
-- and -- agency and agencies created but put the person in mayor to run the agency.
Of unprecedented.
Our -- we're a little minute for a moment senator -- try to question you on the process.
You know -- what we're seeing in terms of the merits of whether this agency should have been created or not it was by Dodd-Frank over a year ago and at a time when people say.
Boy down there in DC they're borderline dysfunctional here you have legislation that was approved.
By the congress and a year later.
We're fighting about whether or not.
Not as you said not the whether the person should be nominated but whether we should follow through with the process that was already approved the legislation.
Well it goes on all the time we.
Pass legislation and then we revising its part of that the the political arena here.
Right now we've got 47 Republicans we didn't have that before.
We had a better position I think to pass.
And hold legislation it is not good our nominees that are not good to run an agency that any bad instructor than -- me.
Say it goes I give -- -- -- -- your colleague in the -- -- democratic colleagues Sherrod Brown of Ohio said that this kind of thing was unprecedented haven't.
Law that was passed the now being held up because you want to change the law you -- goes on all the time to be another examples like similar.
Well we change in the -- all the time we're revising this statute.
And that statue and what we felt made a proposal that the president early this year that we would.
Suggests three things and let this press agency go into.
Full load you know power.
We haven't heard from we don't plan to change.
-- -- anybody until the president sits down with us and leadership -- the Democrats to change.
The structure this this is not good for the jobs it's it's more regulation.
You're jobs is not good for this country.
But nothing like this is ever -- little similar to this situation -- ever happened before your memory at least double top here -- well I'm not I'm not historian here but I'm sure it has happened before let me -- will happen again.
All right so then going forward from here.
It seems to me and this is just kind of Reading between the lines of the president's speech today can -- earlier yesterday.
In Kansas that you may be open up yourself.
To attacks from the Democrats and administration of the Democrats say -- here we are three years after the crisis that we're trying to pass this legislation to help consumers.
These nasty Republicans are just holding it up how are you gonna respond to that.
-- respond.
Until it because it was bad legislation Begin with we're getting in a better position to change -- And we're going to change you know we're not gonna do the other because -- good for the economy and come back with these changes -- senator Shelby it's nice to see again thank you for coming on the -- on the -- we appreciate it senator Shelby from Alabama we're gonna take -- apparel.
