Richard Cordray, President Obama’s pick to lead the Consumer Financial Protection Bureau, won approval from the Senate Banking Committee last week on a party-line vote. His confirmation to run the new agency faces fierce opposition from Republicans, who have vowed to block Senate approval until reforms are made to the agency. Sen. Richard Shelby (R-AL) is leading those calls for reform. As the ranking Republican on the Banking Committee, Shelby has maintained a hard line with Obama and Democrats on Cordray’s confirmation. In an interview at Heritage, Shelby criticized Obama for failing …
President Obama will bypass Elizabeth Warren to lead the Consumer Financial Protection Bureau (CFPB) and instead nominate former Ohio attorney general Richard Cordray to the post. The White House announcement on Sunday ends months of uncertainty about whether the President would accede to the demands of Warren’s steadfast supporters or acquiesce to staunch critics who vowed to block her Senate confirmation. With that matter now settled, public attention—and that of lawmakers, in particular—should focus on fixing the structural flaws that allow the bureau to exercise excessive regulatory powers without adequate …
