Consumer Watchdog Nominee Advances; Cordray Faces GOP Blockade on Senate Floor
October 6, 2011
Mui, Ylan Q.
The U.S. Senate Banking Committee approved former Ohio Attorney General Richard
Cordray's nomination to lead the Consumer Financial Protection Bureau (CFPB) in
a party line vote on Oct. 6. However, Republicans have stated that they will
block his nomination on the Senate floor given previous pledges to block any
candidate for the post until changes are made to the bureau's structure.
Republicans have called for the replacement of the directorship with a
five-member commission, tighter oversight of the bureau by other agencies, and
ensuring funding is appropriated rather than given through the U.S. Federal
Reserve. U.S. Sen. Bob Corker (R-Tenn.) said following the committee's symbolic
approval of Cordray, "We are simply asking that this enormously powerful new
agency have checks and balances in place that protect the country from an overly
zealous director." President Barack Obama has defended the agency, noting that
it would provide accountability and transparency for financial products, and he
urged the Senate to approve Cordray's nomination. Republicans could block a
floor vote with a filibuster, but U.S. Sen. Tim Johnson (D-S.D.) is reaching out
to Senate Majority Leader Harry Reid (D-Nev.) to schedule a floor vote on
Cordray's nomination. Some consumer advocates have encouraged the administration
to install Cordray through a recess appointment, but that would leave the post
open until December 2012.
External web links may expire.
Return to Headlines
Abstract News © Copyright 2008-2013 INFORMATION, INC.