The Agenda

Matt Yglesias on the CPFB and President Obama’s Negotiation Strategy

Having been (mildly) critical of Matt Yglesias in our last post, it’s worth recognizing that he makes an astute political point elsewhere:

What’s interesting about this, to me, is that the Dodd-Frank financial regulation overhaul is really the only example from Obama’s almost-three years in office where I think you could say he really bent Republican Senators to his will and broke a filibuster. In contrast to the legislative debates over stimulus, the debt ceiling, appropriations, or the health care bill Obama made it fairly clear that he was willing to settle for nothing and just stick with the regulatory status quo and the ability to complain about Republican obstruction. Since Obama was prepared to walk away, he wound up not needing to walk away and the New England Republicans came to the table with some compromise ideas. The inclusion of this point about Richard Cordray being held up in a basically campaign-y speech seems to indicate that we should expect a replay on the CFPB issue. The White House would presumably like to get their nominee confirmed and get this agency up and running, but if Republicans want to give this to them as a campaign issue instead they’re happy to take that.

A lot of people have questioned the administration’s commitment to the consumer protection issue over the years, but it’s precisely because the administration doesn’t regard consumer financial protection as the biggest deal in the world that they’ll hang tough and fight hard on it.

It’s not clear to me that this is a good thing, but it’s interesting all the same. 

Reihan Salam — Reihan Salam is executive editor of National Review and a National Review Institute policy fellow.

Most Popular


On Trade, No One Is Waiting for Washington

President Donald Trump’s flips and flops on trade are now as ubiquitous as his 5:00 a.m. tweets. Many predicted that trade-expansion efforts would come to a standstill and world commerce would suffer amidst all the uncertainty. Instead, the precise opposite has happened. In the last few months, it’s become ... Read More
National Security & Defense

Trump’s Syria Quandary

President Trump raised eyebrows recently when he ended a tweet lauding the airstrikes he’d ordered against chemical-weapons facilities in Syria with the words “mission accomplished.” The phrase, of course, became infamous in the aftermath of the invasion of Iraq, when President Bush used it in a speech ... Read More

Confirm Pompeo

What on earth are the Democrats doing? President Trump has nominated CIA director Mike Pompeo, eminently qualified by any reasonable standard, to be America’s 70th secretary of state. And yet the Senate Democrats, led by Chuck Schumer, have perverted the advice and consent clause of the Constitution into a ... Read More
PC Culture

The Dark Side of the Starbucks Stand-Down

By now the story is all over America. Earlier this month, two black men entered a Starbucks store in Philadelphia. They were apparently waiting for a friend before ordering — the kind of thing people do every day — and one of the men asked to use the restroom. A Starbucks employee refused, saying the restroom ... Read More