The U.S. Senate Committee on Banking, Housing and Urban Affairs voted on March 19 to approve President Barack Obama’s nomination of Richard Cordray as director of the Consumer Financial Protection Bureau. Cordray’s next step is a full Senate vote. The committee passed Cordray through with a vote of 12-10, with all of the panel’s Republicans voting against him. His road to confirmation, however, will likely be rocky. Senate Republicans have been clear that they will oppose the confirmation of any nominee for the CFPB director position until certain changes are made at the bureau. Those changes include a bipartisan board of directors to oversee the agency.
Fifty-two Senate Democrats along with the two independent Senators told President Obama that they support Corday’s nomination and have pledged to do everything in their power to ensure he is confirmed.
With 54 Senators backing him, Cordray would have enough votes for confirmation if the Republicans don’t block the vote using filibuster, which has happened before.
Obama first nominated Cordray to the position in July 2011. According to the Dodd-Frank Act, the CFPB director must be nominated by the president and confirmed by the Senate. However, the Senate refused to confirm Cordray. At the time, the Senate GOP expressed concern that the Dodd-Frank Act grants too much power to the bureau. The Republicans say they want to make changes that would ensure the bureau’s accountability and transparency.
Obama appointed Cordray to the director position in January 2012 during a Congressional recess. Many have questioned whether Obama’s decision was constitutional. Because Cordray is not yet confirmed by the Senate, his appointment will run out at the end of this year.
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