Richard Shelby

Senate Banking Committee to Vote on Consumer Protection Nomination

Today, the Senate Banking committee is scheduled to vote on the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau. While his nomination is expected to pass in the Democratic-led committee, he will likely face opposition from the committee’s 10 Republican members.

Every Republican member of the committee signed a letter to President Obama stating that they would oppose any nominee to head the agency unless major changes were made to weaken its ability to protect consumers.

Sen. Shelby's Financial Industry Money Keeps Pouring In

Sen. Richard Shelby (R-Ala.), the ranking Republican member on the Senate Banking Committee, introduced legislation today to hold “financial regulators accountable for rigorous, consistent economic analysis on every new rule they propose.”

Will They Stand With the Banks or Consumers?

On Tuesday, the Senate Banking committee will hold a nomination hearing for Richard Cordray, the man selected by President Obama to lead the Consumer Financial Protection Bureau (CFPB).

Sen. Richard Shelby (R-Ala.), the ranking Republican on the committee, said Cordray’s nomination was “dead on arrival” unless concessions were made to weaken the agency’s ability to hold Wall Street banks accountable.

Sen. Shelby has received significant support from Wall Street donors during his time in Congress.

More Wall Street influence in Washington?

After Wall Street spent $293 million on campaign contributions in the 2010 cycle and hired nearly 2,500 lobbyists last year to rack up $471 million in lobbying, you’d think Wall Street would have its bases covered in the DC influence game.*

Wrong.

On "reopening" financial reform

Reuters reported this morning that Sen. Richard Shelby would like to “reopen” financial reform legislation. Specifically, he said he’d like to reevaluate the Consumer Financial Protection Agency—a hallmark of the legislation.

 

I thought it’d be good to remind people of all the campaign cash Sen. Shelby has received from Wall Street this cycle.

 

Here are the facts:

Sen. Shelby and financial industry ties

Sen. Shelby has publicly opposed major portions of the financial reform bill currently being debated in the U.S. Senate. The bill is being opposed by many of the same Wall Street banks that wrecked our economy. Those same interests have also given big campaign contributions to Sen. Shelby over the years.

 

Sen. Shelby has depended on financial industry dollars to fund his campaigns for public office.[1]