The Chairman of the House Financial Services Committee (HFSC) has claimed that Congress cannot legally accept testimony form Consumer Financial Protection (CFPB) Bureau Director Richard Cordray, according to BankCreditNews.com.
“The court’s unanimous ruling makes it clear that there is no legally-appointed director of the CFPB at this time,” said Rep. Jeb Hensarling (R., Tex.), the HFSC chair. “By law, the committee can receive this testimony only from a director who is appointed in accordance with the Constitution and the Dodd-Frank Act, which created the bureau.”
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The Senate has still not confirmed Cordray’s nomination to head the CFPB after a court ruled earlier this year that President Obama’s installation of Cordray as director was unconstitutional.
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