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
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
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