On May 2, 2011, Sen. Saxby Chambliss joined with 45 Republican Senators in sending a letter to President Obama, opposing the nomination of any Director of the CFPB by any President until necessary reforms of the CFPB are made. Specific reforms suggested in the letter were: (1) the establishment of a board of directors; (2) the requirement that the CFPB submit a budget request and go through the appropriations process just like the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Federal Trade Commission; and (3) the oversight of CFPB regulations by Federal bank regulators to ensure that such regulations do not needlessly cause bank failures. You can read a copy of the letter below.