CFPB Nominee Cordray Gets Senate Panel Nod
On a party-line vote, the Senate Banking Committee voted to confirm former Ohio Attorney General Richard Cordray to be the first director of the Consumer Financial Protection Bureau.
All 12 committee Democrats supported Cordray, while all 10 of the panel’s Republicans voted against him. There was no discussion of the nomination at the Oct. 6 session.
In response to a question from Sen. Richard Shelby, the panel’s top Republican, Geithner said that the changes being supported by Republicans represent a “significant weakening of the bureau.” Geithner said he was optimistic that Republicans will reconsider their position.
Shelby (R-Ala.) said that without a change in the administration’s position, Senate Republicans won’t alter their stance and urged Geithner not to get too optimistic about the possibility of a change.