Hatch may me as right wing as they come even though he's always been considered a relatively sane elder statesman in the formerly venerable Senate, now little more than a kiddie romper room but with less decorum..
The GOP filibuster in the Senate today killed the nomination of Richard Cordray (not the Cordray formerly on the Daily show) to head the bureau. The Republicans say they have no objection to the qualifications of Obama's choice to head the Consumer Financial Protection Bureau (CFPB) they're not going to nominate anyone even if Ayn Rand can be cloned and nominated. The reality is the Director can only make recommendations not law.
. If my effing toaster oven gets fried a week after I bought it and the manufacturer won't take responsibility I have a Federal consumer bureau I can take my complaint to. Get screwed by the fine print on page 11 of my new credit card agreement and i'ts 'tough luck bub, if you can't understand the legalese fine print on page 11 you shouldn't be getting a credit card or you should have consulted your lawyer first.'
He's another Czar screamed Hatch, no oversight, He can dictate everyone's credit rating arbitrarily, they're job killers, it's even worse than Obamacare and that was the worst thing ever, no maybe Pearl Harbor and 9/11 was worse; it's our American Holocaust. Sure, the Director of the Bureau is going to have 400 employees sifting through over 200 million people's credit records and is going to take away credit from all the rich people except for Democrats and is going to give all those lazy people collecting unemployment rich people's credit ratings.
How about some oversight on credit card companies and the banks? Can't have that - job killer, job killer, job killer, baby killer (oops wrong department). Truth is they don't want the Bureau to exist in any form .
As a side note, the Bureau is working to come up with a standard two page credit card contract that will actually make it easier to understand and shop for the best deal. They're working with the banks to do this. The kicker is the banks won't even be required to comply. So much for omnipotent power. Jesus H. Christ on a pogo stick, these people are so far up the banks asses they can talk out of their throats. THEY DON'T WANT ANY REGULATIONS ON THE BANKS. It's as simple as that. The recession was all Barney Frank's fault anyway, the banks have integrity so we don't need oversight and they're job creators.
Madness, I tell you.