In the mind of Sen. Lindsey Graham (R-SC), protecting consumers from financial malpractice is something from the Joseph Stalin playbook.
Continuing another attack on President Barack Obama over economic policies, Graham appeared on Meet The Press Sunday morning to express his further dislike of the Consumer Financial Protection Bureau (CFPB).
“This Consumer Bureau that they want to pass, is under the federal reserve, no appropriation oversight, no board,” he said. “It is something out of the Stalinist era. The reason Republicans don’t want to vote for it is we want a board, not one person making all the regulatory decisions. There is no oversight under this person. We want it under the Congress so we can oversee the overseer.”
Unsurprisingly, Graham has his facts incorrect. Under the Dodd-Frank bill, the Financial Stability Oversight Council can overturn the CFPB’s rules by a two-thirds vote. The American Banker points out that no other regulator is under those rules.
Graham’s cries of no congressional oversight is also not true. Congress can call any head of the CFPB up to testify at least two times a year and require financial reports from the bureau.
Last week, Graham and Senate Republicans blocked Richard Cordray’s confirmation to the CFPB.
WATCH: Video from NBC, which was broadcast on December 11, 2011.