Cordial nomination hearing for Cordray, but GOP doesn't budge on opposition
Source: NBC
The Republicans lost the struggle over the Dodd-Frank law to impose new rules on the financial sector, but three years later they’re still tenaciously fighting what’s probably the best-known Dodd-Frank creation: the Consumer Financial Protection Bureau (CFPB).
Richard Cordray, the man President Barack Obama re-nominated to lead the CFPB, had his confirmation hearing Tuesday before the Senate Banking Committee – and what was noteworthy was the warmth and respect that Republican senators displayed toward Cordray.
Sen. Tom Coburn, R-Okla., told him, “I will compliment you. I think you’ve done a wonderful job so far."
* * *
Until Obama agrees to changes in the CFPB structure to make it a multi-member board akin to the Securities and Exchange Commission and other regulatory agencies, Republicans said they will block a confirmation vote on Cordray. They also want to subject the CFPB to annual appropriations by Congress. Right now the law allows CFPB to draw its funds directly from the Federal Reserve.
Read more: http://nbcpolitics.nbcnews.com/_news/2013/03/12/17285564-cordial-nomination-hearing-for-cordray-but-gop-doesnt-budge-on-opposition?lite
= new reply since forum marked as read
