Get ready to rumble: Richard Cordray, the embattled director of the Consumer Financial Protection Bureau (CFPB), is returning to Capitol Hill on March 12 for a confirmation hearing before the Senate Banking Committee.
Cordray was initially nominated to run the CFPB in July 2011, a few days prior to the agency's official opening. When Senate Republicans stymied the confirmation process, President Obama placed Cordray into office via a recess appointment. In January, however, a U.S. district court ruled that the president violated the constitution with the recess appointment because Congress maintained a pro forma session and was technically not in recess.
Cordray has been renominated for the CFPB directorship, but Senate GOP leaders have threatened to block the confirmation vote unless the agency's leadership structure is realigned from a single director to a bipartisan committee. If Cordray's nomination is not voted upon by the Senate and the district court ruling is not upheld, his current CFPB term will conclude at the end of this year.
Also on March 12, the Senate Banking Committee will review the nomination of Mary Jo White to become chairwoman of the U.S. Securities and Exchange Commission.