The president made the recess appointment after Senate Republicans threatened to block Cordray’s confirmation.
In a May 2011 letter to Obama, 44 GOP senators said they would block any CFPB nomination until Congress replaced the CFPB’s director with a board; subjected the CFPB to the congressional appropriations process; and gave banking regulators the authority to override CFPB regulations that could cause bank failures.
Senate Banking Committee ranking member Mike Crapo (R-Idaho) said yesterday that he would oppose Cordray’s re-nomination—which would be for a five-year term—and reiterated the demand for structural changes in the bureau.
Until key structural changes are made to the bureau to ensure accountability and transparency, I will continue my opposition to any nominee for director. If the president is looking for a different outcome, the administration should use this as an opportunity to work with us on the critical reforms we have identified.Since a Senate confirmation requires 60 votes, GOP senators can effectively block the confirmation of any nominee.
Read Crapo’s statement.
Read the May 2011 letter.