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Entries in Consumer Financial Protectino Bureau (1)

Tuesday
Dec062011

Senate GOP May Block New Appointment to Force Change to Bureau

President Obama announces his nomination of former Ohio Attorney General Richard Cordray, right, to head the Consumer Financial Protection Bureau on July 18, 2011. Joshua Roberts/Bloomberg via Getty Images(WASHINGTON) -- As the White House continues to aggressively push for the confirmation of Richard Cordray to head the new Consumer Financial Protection Bureau, the Senate has set up a procedural vote Thursday to see if his nomination can move forward.

If this week’s rhetoric is any indication, Senate Republicans will block Cordray’s nomination -- not because of his qualifications, but because they are trying to force structural changes to the bureau, changes they’ve called for the White House to make since the proposal for the bureau.

Republicans have been consistently concerned with the bureau’s “lack of transparency or accountability,” and will continue to make a lot of hay about the fact that Thursday’s cloture vote will come before they feel they have had their concerns adequately addressed by the White House.

Seven months ago 45 Republicans signed a letter to President Obama outlining their concerns.

“He hasn’t done a thing to address these concerns, not one thing,” Senate Minority Leader Mitch McConnell, R-Ky., said Tuesday. “If he had picked up the phone to talk these issues over with anybody in our conference, I haven’t heard about it. If he’s put some thought into how he can ensure the perfectly legitimate concerns we raised in that letter are addressed, he hasn’t let us in on the game plan.”

Republicans say they want the potential director replaced with a board of directors that would oversee the bureau, because they don’t believe a single person should have so much power. Additionally they say the bureau should be subject to the congressional appropriations process, because without that, they say, the bureau has a “funding stream” without oversight from the American people.

Senate Majority Leader Harry Reid, D-Nev., said that McConnell is basically calling for a committee, not a director, for the CFPB and that is never a good idea.

“Always understand, in the private sector or in the government, if somebody suggests a committee, you’ll know that something has gone wrong, and that’s what he has suggested, in effect: We don’t want one person making all the decisions; we want a committee making those decisions,” Reid said. “And that’s why the Republicans are wrong on that. ”

Republicans have consistently said that the hold-up of their support does not have anything to do with Cordray’s credentials, but rather the whole creation of the job.

“It’s not about the nominee. It’s about a process that’s running out of control -- and frankly by Democrats who really haven’t thought this through,” Sen. Orrin Hatch, R-Utah said.

Copyright 2011 ABC News Radio







ABC News Radio