The White House officially sent Congress Richard Cordray’s nomination to continue as director of the CFPB. President Obama on Jan. 24 announced his intention to re-nominate Cordray for a full five-year term.
Obama made Cordray the CFPB director through a recess appointment in January 2012, after Republican senators had threatened for months to block his confirmation if structural reforms weren’t made to the agency.
A federal appeals court, however, ruled last month that similar recess appointments the president made to the National Labor Relations Board were unconstitutional, casting doubt on the validity of Cordray’s appointment. GOP senators have since told Obama that they’ll continue to block Cordray’s confirmation absent CFPB structural changes.
In related news, Senate Finance Committee Chairman Max Baucus (D-Mont.) said yesterday that his panel will not vote on the confirmation of Treasury secretary nominee Jack Lew until after the Senate recess next week.