In a powerful article today, the American Banker took House Financial Services Committee Republicans to task over their shameful questioning of CFPB Director Richard Cordray. Highlights from the article are below:
“But if the committee meant to conduct true oversight of an agency so many Republicans clearly detest, it failed miserably.”
“Time and again, lawmakers effectively stepped on their own lines, asking Cordray important questions and never bothering to let him respond. They allowed theatrics to trump (pun intended) substance, using their time to berate the CFPB chief instead of engaging in a productive discussion.”
“[T]he person ducking and dodging the question appears to be Wagner, not Cordray. After accusing him of a failing to adequately respond to a subpoena — potentially a crime — she never provides specifics as to how the agency's response is inadequate.”
“To be sure, Congressional hearings often bring out lawmakers' dramatic sides, resulting in grandstanding. But the ones with Cordray in the House Financial Services Committee are particularly histrionic. In contrast, the Senate Banking Committee hearings with the CFPB chief are far more sedate, and are all the more illuminating because of it.”
“Sometimes lawmakers resorted to props to make their point. Rep. Steve Stivers, R-Ohio, had an aide hand Cordray a toddler's T-shirt and asked him to put it on. Cordray understandably declined.”
