Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 112 CONGRESS, FIRST SESSION
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E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 112 CONGRESS, FIRST SESSION SENATE—Thursday, December 8, 2011 The Senate met at 9:31 a.m. and was RESERVATION OF LEADER TIME tant job in a very heavily populated called to order by the Honorable JON The ACTING PRESIDENT pro tem- State. While there, he recovered bil- TESTER, a Senator from the State of pore. Under the previous order, the lions of dollars from pension funds on Montana. leadership time is reserved. behalf of retirees, investors, and oth- ers. He took action against fraudulent PRAYER f foreclosures and predatory lending. He The Chaplain, Dr. Barry C. Black, of- RECOGNITION OF THE MAJORITY is qualified, and he is a man of dili- fered the following prayer: LEADER gence. Let us pray. The ACTING PRESIDENT pro tem- The Republicans are blocking his King and judge of the universe, You pore. The majority leader is recog- nomination and not allowing a vote be- rule with righteousness and govern nized. cause they don’t like the Federal agen- cy he would lead, an agency established with justice. You have been good to us, f restoring our strength and directing by law. This is the first time in the our footsteps. SCHEDULE Senate’s history that a party has Today guide our Senators in their la- Mr. REID. Mr. President, following blocked a qualified candidate solely be- bors. In these difficult days empower leader remarks, the Senate will be in cause they disagreed with the existence them to produce dividends of character executive session to consider the nomi- of an agency that has been created by and grace. We pray not for tasks fitted nation of Richard Cordray to be Direc- law. to their strength but for strength tor of the Consumer Financial Protec- Republicans are doing this to under- which fits them for their tasks. In the tion Bureau. At 10:30 a.m., there will be mine the system of law we have in our hard decisions of this day, guide them a cloture vote on the Cordray nomina- country. Democrats fought to pass by Your word and spirit. tion. If cloture is not invoked, the Sen- Wall Street reform last year to protect We pray in Your loving Name. Amen. ate will resume consideration of the against the greed of big banks. Well, motion to proceed to S. 1944, the Mid- without a director, the Consumer Fi- f dle Class Tax Cut of 2011. As a reminder nancial Protection Bureau doesn’t have PLEDGE OF ALLEGIANCE to all Senators, cloture has been filed the tools it needs to get the job done. on the motion to proceed to S. 1944. It is shocking that despite the eco- The Honorable JON TESTER, a Sen- nomic crash in our rearview mirror—it ator from the State of Montana, led Unless an agreement is reached, that will be tomorrow morning. is easy to look back and see what hap- the Pledge of Allegiance, as follows: pened because of Wall Street greed— f I pledge allegiance to the Flag of the Republicans, in spite of that, would United States of America, and to the Repub- CORDRAY NOMINATION leave consumers without a watchdog to lic for which it stands, one nation under God, guard against the greed of Wall Street. indivisible, with liberty and justice for all. Mr. REID. Mr. President, shortly the Senate will vote on the confirmation of That is unfortunate. f Richard Cordray to lead the Consumer Would the Chair announce the busi- Financial Protection Bureau. Again, ness of the day. APPOINTMENT OF ACTING the Consumer Financial Protection Bu- PRESIDENT PRO TEMPORE f reau. I stress ‘‘consumer.’’ By now we The PRESIDING OFFICER. The all know my Republican colleagues EXECUTIVE SESSION clerk will please read a communication will filibuster Mr. Cordray’s nomina- to the Senate from the President pro tion. They said they will. This is not an tempore (Mr. INOUYE). up-or-down vote. In the Republicans’ NOMINATION OF RICHARD The assistant legislative clerk read effort to not allow this vote, they are CORDRAY TO BE DIRECTOR, BU- the following letter: stopping a vote on this very qualified REAU OF CONSUMER FINANCIAL U.S. SENATE, man. PROTECTION PRESIDENT PRO TEMPORE, They are not blocking this nomina- The ACTING PRESIDENT pro tem- Washington, DC, December 8, 2011. tion because of any fault, real or per- pore. Under the previous order, the To the Senate: ceived, in this candidate. He has bipar- Senate will proceed to executive ses- Under the provisions of rule I, paragraph 3, of the Standing Rules of the Senate, I hereby tisan support and is eminently quali- sion to consider the following nomina- appoint the Honorable JON TESTER, a Sen- fied. He has a long history of pro- tion, which the clerk will report. ator from the State of Montana, to perform tecting consumers against the unfair The assistant legislative clerk read the duties of the Chair. practice of financial predators. He cur- the nomination of Richard Cordray, of DANIEL K. INOUYE, rently serves as chief of enforcement at Ohio, to be Director, Bureau of Con- President pro tempore. the Bureau. sumer Financial Protection. Mr. TESTER thereupon assumed the Before that, Mr. Cordray served as The ACTING PRESIDENT pro tem- chair as Acting President pro tempore. Ohio’s attorney general, a very impor- pore. Under the previous order, the ● This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a member of the Senate on the floor. 19185 VerDate Sep 11 2014 11:24 Dec 28, 2015 Jkt 099102 PO 00000 Frm 00001 Fmt 0685 Sfmt 0634 E:\BR11\S08DE1.000 S08DE1 Lhorne on DSK5TPTVN1PROD with BOUND RECORD 19186 CONGRESSIONAL RECORD—SENATE, Vol. 157, Pt. 14 December 8, 2011 time until 10:30 a.m. will be equally di- clude the overseers as well. Unelected their criticism of the Fed’s failure to vided and controlled between the two bureaucrats must be held accountable regulate subprime mortgages and the leaders or their designees. to the American people, and that is ex- OCC’s preemption of State consumer Mr. REID. I ask that a quorum be actly what our proposal would do. So it protection laws. called and the time be equally divided is up to the President. Republicans I strongly agree with the majority between the two sides. have outlined our concerns and they that our regulators failed to do their The ACTING PRESIDENT pro tem- are well known. We are not going to let jobs in the lead-up to the financial cri- pore. Without objection, it is so or- the President put another unelected sis. But the lesson we should learn dered. czar in place, unaccountable to the from the financial crisis is not that we The clerk will call the roll. American people. And, frankly, his re- need more unaccountable regulators. The assistant legislative clerk pro- fusal to work with us only deepens our Instead, all of our financial regulators ceeded to call the roll. concerns. The CFPB requires reforms need to be held more accountable. Mr. MCCONNELL. Mr. President, I before any nominee can be confirmed. ask that the order for the quorum call Just as banks should be held ac- It is time the President takes these be rescinded. countable for their failures, regulators The ACTING PRESIDENT pro tem- concerns seriously. should also be held accountable for pore. Without objection, it is so or- I look forward to hearing from the theirs. After all, if regulators know dered. President on this issue so we can put in Congress can hold them accountable, place the kind of oversight and ac- RECOGNITION OF THE MINORITY LEADER they will have a far stronger incentive The ACTING PRESIDENT pro tem- countability the American people ex- to do their jobs. That will be good, as pore. The Republican leader is recog- pect in an agency of this size and this we all know, for consumers. That is nized. scope. Until then, I will vote against why, if the Bureau is reformed, the big- Mr. MCCONNELL. This morning the this nominee for the CFPB and any gest winners will be the American con- Senate will vote whether the new Con- others that this or any other President sumers. sumer Financial Protection Bureau sends until he works to fix the prob- Today, however, the majority will should be able to put a director in lems, until he brings transparency to show that they are now more con- place before concerns about its ac- this bureaucracy and accountability to cerned with insulating bureaucrats countability to the American people the American people. from accountability and rewarding po- are addressed. Let me stress that is all I yield the floor and suggest the ab- litical allies than looking out for con- today’s vote is about. Today’s vote is sence of a quorum. sumers. The administration and the about accountability and transparency. The ACTING PRESIDENT pro tem- majority will try to argue that the Bu- It is a debate about whether we think pore. The clerk will call the roll. reau already is accountable. Indeed, Americans need more oversight over The assistant legislative clerk pro- they will say it is more accountable Washington or less. ceeded to call the roll. than any other financial regulator. But Mr. SHELBY. Mr. President, I ask Republicans made our position clear let’s look at the facts. The facts tell a unanimous consent that the order for more than 7 months ago when 44 of us different story.