The Competitive Enterprise Institute, along with a seniors advocacy group, has sent a letter to Congress asking the Senate to withhold Richard Cordray’s confirmation as director of the Consumer Financial Protection Bureau.
On Wednesday, CEI — which describes itself as a “non-profit public policy organization dedicated to advancing the principles of limited government, free enterprise and individual liberty” — and the 60 Plus Association — a “non-partisan seniors advocacy group with a free enterprise, less government, less taxes approach to seniors issues” — wants the Senate to wait on confirming Cordray until the legal implications of the federal appeals court ruling “become clear.”
Currently, CEI and 60 Plus are plaintiffs along with The State National Bank of Big Spring, Texas, the states of Oklahoma, South Carolina and Michigan in a lawsuit filed against the CFPB.
In their four-page letter, CEI and 60 Plus take issue with the structure of the CFPB. They go as far as calling it “unconstitutional.”
“This agency’s structure and power, coupled with Director Cordray’s pronouncements on using that power, have caused many people to take an extremely negative view of this agency. They regard it as a striking example of government power that is both massive and unaccountable,” they wrote.