Senate Confirmation Hearing Set for CFPB Director
Richard Cordray, the current director of the Consumer Financial Protection Bureau, will face the Senate Banking Committee on Tuesday, March 12, on his re-nomination to head the agency.
Cordray was nominated by President Obama in January but his confirmation has become a political hot potato that cuts across party lines. He has never been universally accepted ever since his recess appointment by the President in 2011.
Senate Republicans have blocked the vote on his nomination because they claim the CFPB has too much power. They want to change the structure of the consumer watchdog agency by installing a five-member board for greater transparency and accountability. They also want to subject it to annual appropriations. The White House wants the CFPB to stay an independent regulator.
A letter from 43 Republicans was sent to President Obama on February 1, which said they would block the nomination of the CFPB nominee of any party until the accountability of the bureau is improved.
On February 14, a letter was sent to the President from 52 Democratic and 2 Independent Senators commending Cordray’s work and calling for his re-nomination. They promised to “secure his nomination without delay.”
Mary Jo White, the President’s nomination to head the Securities and Exchange Commission, also faces her confirmation hearings on March 12.