Vote on CFPB Director Set for Tuesday

Vote on CFPB Director Set for Tuesday

March 15, 2013         Written By Natalie Rutledge

After this week’s confirmation hearings, Republican senators continue to block the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau. However, a Senate panel has scheduled a meeting for March 19 to vote on Cordray, as well as the nominee to head the U.S. Securities and Exchange Commission.

Senator Elizabeth Warren (D-Mass) spoke out against the Republicans. She told a Consumer Federation of America conference that “blocking Rich Cordray is about keeping the game rigged…so that consumers remain in the dark–and a few bad actors can rake in big profits.”

The Republicans are blocking Cordray’s confirmation because they want to change the structure of the CFPB. They want to manage it with a bipartisan commission, not a director. Republicans also think the budget should be approved by Congress instead of connected to the Federal Reserve.

Cordray has led the CFPB for over a year and has enacted widely-praised rules and regulations on mortgages and credit cards. The CFPB was created in 2010 under the Dodd-Frank financial reform act after the financial crisis.



The information contained within this article was accurate as of March 15, 2013. For up-to-date
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About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at natalie@lowcards.com
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