US: Consumer bureau appointment at stake with Republican opposition

According to reports, most Senate Republicans have vowed to block confirmation of Richard Cordray, who was nominated to head of the consumer financial Protection Bureau. In a letter sent to President Obama signed by Minority Leadyer Mitch McConnell (R-KY) and 42 other Senate Republicans, the politicians have voiced their opposition to the appointment, claiming that just one leader of the CFPB holds “far too much power.” While President Obama nominated Cordray, who has been serving in the position since a recess appointment early last year, the senators are demanding a bipartisan board to replace a sole leader of the CFPB. The opposition lead Obama to use a recess appointment in January 2012 to appoint Cordray, while making three other recess appointments. A federal appeals court ruled last month that those appointments violated the Constitution, however, ruling that the Senate had not formally adjourned. While Cordray is not named in the lawsuit that is challenging Obama’s recess appointments, analysts believe his appointment may be at stake.

Full content: Los Angeles Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.