Republicans have simply gone pledge crazy. It’s the newest fad among Republicans. Rather than keeping their oath to protect the American people, Republicans would rather sign pledges to do what their corporate masters want them to do.
When President Obama withdrew Elizabeth Warren as his nominee to head the Consumer Financial Protection Bureau, most people were outraged. Republicans, of course, were overjoyed. But Warren didn’t go quietly into the night. She picked former Ohio Attorney General Richard Cordray to direct the bureau instead. But Republicans are not happy about this choice either. Cordray has a history of standing up for consumers against Wall Street and the big banks and when he challenges them, he wins. Cordray aggressively stood up to banks engaging in deceptive practices and rampant foreclosures, and ultimately saved residents of Ohio more than $2 billion.
In response to this nomination, 44 Republicans have signed a pledge not to support ANY director of the CFPB unless it is substantially weakened to their satisfaction. It would be a huge victory for Wall Street and big banks that want to engage in unfair business practices in their effort to fleece the American people of every dollar they have.
As long as Republicans are allowed to sign pledges of allegiance to corporate interests and unelected conservative activists, their pledge to the American people will be ignored. The Consumer Financial Protection Bureau is a safeguard put in place by the 111th Congress to keep Wall Street and the financial sector from engaging in unfair and dangerous business practices, the same practices that helped cause the current recession. Weakening it would be a major setback in preventing future economic downturns.