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Friday, January 25, 2013

Obama to Re-nominate Cordray as CFPB Director

President Obama will re-nominate Richard Cordray as director of the CFPB. Obama made Cordray the CFPB director in January 2012 through a controversial two-year recess appointment that expires at the end of 2013.

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.

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