Senate May Vote on Obama’s CFPB Pick This Week

December 5, 2011

With the Senate set to vote as early as Thursday on the President Obama’s nominee to lead the new Consumer Financial Protection Bureau, the White House has launched a seven-state campaign to drum up support.

The White House plans to stump for Richard Cordray, the former Ohio AG, in the coming days in Alaska, Indiana, Iowa, Maine, Nevada, Tennessee and Utah.

“The citizens in these states have a lot to gain from the confirmation of Mr. Cordray,” White House spokesman Josh Earnest told reporters Sunday, noting that the bureau is tasked with protecting consumers from fraudulent financial practices.

The Obama administration is hoping lobbying efforts outside of Washington will help boost Richard Cordray’s odds, reports the Wall Street Journal. Yet the newspaper states it appears the nominee does not have enough backing to break a GOP filibuster. 

“The effort isn’t likely to succeed, but the confirmation campaign will give Democrats an issue to use against Republicans in the 2012 election.

More than 40 Republican Senators have vowed to block any nominee for CFPB director until the agency’s leadership structure is amended.

 “The White House has yet to address the need to bring accountability and transparency to the CFPB,” Don Stewart, a spokesman for Senate Majority Leader Mitch McConnell (R., Ky.), said in a statement.

The White House’s National Economic Council on Sunday released an 11-page report asserting that the CFPB standoff leaves “the millions of consumers that use prepaid cards, student loans, wire transfers and payday loans at risk to financial scams and abusive financial practices,” according to the Wall Street Journal. Click here to read the full article.