Corday to take Conciliatory Approach at Confirmation Hearing By CLAUDE R. MARX
Richard Cordray, President Obama’s nominee to run the Consumer Financial Protection Bureau, plans to emphasize supervision and enforcement, not litigation, as key methods for achieving the bureau’s goals, during his confirmation hearing before the Senate Banking Committee today.
“The supervisory tool, in particular, offers the prospect of resolving compliance issues more quickly and effectively without resorting to litigation. … Enforcement, of course, will still have an important role,” according to Corday’s prepared testimony, which was obtained by Politico.
Senate Banking Committee Chairman Tim Johnson (D-S.D.), plans to use his opening statement at the session, which is scheduled to start at 2:30 p.m., to criticize Senate Republicans for vowing to block any nominee until the Obama administration and Senate Democrats agree to change the bureau’s structure to be run by a five-person board.
“The purpose of today’s hearing should be to consider whether Mr. Cordray is qualified for [the] job … Instead, a vocal minority is playing games with the process and holding Mr. Cordray’s nomination hostage,’’ according to Johnson’s testimony, which Politico also obtained.
The House passed legislation that would restructure the CFPB but Senate Democrats and the Obama administration oppose it.