Consumer Confidential: Banks fund foe of Consumer Financial Protection Bureau

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Texas Republican Jeb Hensarling, who chairs the House Financial Services Committee, was trying to be funny. It’s the only explanation.

Otherwise, we’re left to assume that Hensarling was being the world’s biggest corporate shill and hypocrite when he accused the head of the Consumer Financial Protection Bureau of “abusing his authority.”

In a contentious hearing last week that bordered on outright abuse, Hensarling told CFPB Director Richard Cordray that “the president is clearly justified in dismissing you and I call upon the president — yet again — to do just that, and to do it immediately.

“American consumers need competitive markets and a cop on the beat to protect them from fraud and deception,” he snarled. “They don’t need Washington elites trampling on their freedom of choice and picking their financial products for them.”