When Richard Cordray makes his first trip to Capitol Hill asdirector of the Consumer Financial Protection Bureau he will beentering the political equivalent of the lions' den.
|Cordray is scheduled to testify Tuesday before a Housesubcommittee about his plans for running the new agency.
|When the former Ohio attorney general was named to the positionby President Obama in a recess appointment, to circumvent Senate Republicans whoblocked his confirmation, panel chair Rep. Patrick McHenry (R-N.C.)said Obama “should stop allowing his Chicago political campaign tomake his Washington policy decisions. The unprecedented appointmentof Mr. Cordray runs counter to the constitutional requirements fora recess appointment and Obama's own campaign pledge to run 'themost transparent administration in history.'”
|McHenry's panel is the Oversight Subcommittee on TARP, FinancialServices and Bailouts of Public and Private Programs.
|McHenry, like most House Republicans, opposed the Dodd-Frankfinancial overhaul bill, which created the CFPB. The subcommitteeheld two contentious hearings on the bureau, at which ElizabethWarren, who set up the bureau, testified.
|Tuesday's hearing is scheduled to begin at 1:30 p.m.
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