Obama named Cordray to the Consumer Financial Protection Bureau in a recess appointment while Congress was out of town. Some feel Cordray’s stalled nomination was less about Congress’ dislike of Cordray but their hatred of Dodd-Frank.
It’s not about Richard Cordray. That has become abundantly clear in the recent political jockeying over President Obama’s efforts to appoint a head to the Consumer Financial Protection Bureau, which came into existence via the Dodd-Frank financial reform law from 2010. Republicans have made it clear their reason for this blockage isn’t so much Cordray himself, who was a quite popular Attorney General in Ohio, but rather the structure of the bureau itself; they want a board to be in charge, as opposed to a single director, which many Democrats have dismissed as a means of muddying or weakening the bureau’s regulatory ability. In any event, the final vote tally was 53 yeas, 45 nays, which due to the Republican vow to filibuster the nomination is insufficient (a 60 vote super-majority is required to override the filibuster process). source
ThenIn June, Scott Brown looked invincible. The Senator led every potential challenger by at least nine points, and Elizabeth Warren, perceived to be Democrats’ best shot against him, trailed by fifteen.
Now Since Warren declared her candidacy earlier this month, she’s skyrocketed in the polls and now leads Brown by two points. That’s a seventeen-point gain in a little over three months. source
» Hey, wha’ happen? Warren’s rise may be due in part to an “announcement boost;” she was long-rumored as a candidate, and her official entry in the race may have fired up a contingent of Democratic voters. Perhaps more significant of a factor, however, is Brown’s plummeting popularity. Back in December, he was the 16th most popular Senator in the country, out of 87 polled. Now, Brown is in 61st place, and his favorability has dropped by 25 points.
Until President Obama addresses our concerns by supporting a few reasonable structural changes, we will not confirm anyone to lead it. No accountability, no confirmation.
Sen. Richard Shelby • Offering an ultimatum about the Consumer Financial Protection Bureau, particularly in regards to its leadership. Obama recently chose former Ohio Attorney General Richard Cordray as his pick — a slight over noted financial industry critic Elizabeth Warren, but one that will nonetheless face a tough Senate confirmation battle. The GOP wants to push a five-member commission structure for the organization, but while Obama may offer concessions to please Republicans, that particular idea is off the table. source
What time was Elizabeth Warren supposed to leave? We’re not completely sure, but she seems pretty angry about being held up by GOP Rep. Patrick McHenry (on top of having the meeting rescheduled repeatedly). Warren, the Harvard professor helping to launch the Consumer Financial Protection Bureau for Obama, faced a tough line of questions from Republicans on the House Oversight subcommittee — questions which showed they didn’t even seem to know basic facts. It got so bad that Democratic Rep. John Yarmuth had to say this in her defense: “The questioning of your veracity when there is documented evidence that you are being totally truthful indicates to me that this hearing is all about impugning you because people are afraid of you.” Word on the street is that Warren may take on Scott Brown in his upcoming Senate race, which is a stupid idea because Brown is a moderate Democrat in every respect but party affiliation. source
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