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Tue Jun 18, 2013
Richard Cordray’s nomination to continue leading the Consumer Financial Protection Bureau (CFPB) is headed to the Senate following a vote from the Committee on Banking, Housing, and Urban Affairs Tuesday.
The committee confirmed Cordray’s nomination by a party-line vote of 12-10, with Republican members keeping to their vow to not support any potential leader until CFPB’s structure is fundamentally changed.
“The CFPB was established unlike any other federal department or agency,” said ranking member Sen. Mike Crapo (R-Idaho). “Regardless of the administration in charge, either Republican or Democrat, the CFPB’s structure needs to be revised to fit the models of traditional departments and agencies. Otherwise, it will continue to lack the necessary transparency and accountability.”
Crapo specifically criticized the agency’s spending, which he says is not as transparent as it should be.
Also up for vote was the nomination of Mary Jo White to head the Securities and Exchange Commission (SEC). White was approved by a vote of 21-1, with Sen. Sherrod Brown (D-Ohio) voting against.
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