Democrats donors dominate Dodd-Frank board
Washington Free Beacon:
The Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board, which meets Thursday for the first time in St. Louis, contains numerous Democratic donors, including a member of the Democratic National Committee (DNC).This was set up as part of a massive Democrat cover up of their conduct which caused the financial crisis in 2008 by forcing financial institutions to make bad loans to people who could not afford homes. The make up this board appears to be set up to avoid anyone even raising the issue of their culpability. It is another example of how Obama has corrupted the government on numerous levels. The depth of the corruption is becoming overwhelming. The media has been so deep in the tank for Obama it is unrealistic to expect them to become outraged.
The CFPB—a controversial organization with massive oversight powers over financial institutions and little accountability that was created as part of the Dodd-Frank financial reform legislation—announced the members of the board on Sept. 12. CFPB director Richard Cordray said in a statement, “This group of experts truly represents the interests of the diverse people and communities we serve.”
The board is not nearly as politically diverse as Cordray implies, however: 10 members on the 25-member panel have donated to Democratic candidates or Democratic organizations, records show. Only two members have donated to Republicans. The first has only donated money once—a donation to Mitt Romney in March of this year. The second has given to Democrats and to one Republican—the 2010 Republican primary challenger for the House seat held by Rep. Todd Akin (R., Mo.). This $250 donation comprises just 6 percent of the member’s total political donations.
John Berlau, a senior fellow at the Competitive Enterprise Institute (CEI), said that the political imbalance “underscores the fact that there is no accountability of the CFPB to Congress.” He added, “You would think that as a courtesy, they would have asked for Congress’s input,” although the imbalance implies that the Bureau has not.
The committee also includes a member of the Democratic National Committee, Robert Stoll, who is a lawyer in Portland, Ore. In addition to being a member of the national committee, Stoll is also the vice-chair of the Oregon Democratic Party, and his biography on his firm’s website says he has been “the general chair or finance chair for many Democratic presidential, gubernatorial, U.S. Senate, and congressional races in Oregon.”