The Senate Banking Committee, in a 12-10 vote along party lines, has approved the nomination of former Ohio Attorney General Richard Cordray to become the first director of the Consumer Financial Protection Bureau. The nomination will now move forward to the full Senate, where Republican senators have vowed to prevent the nomination from coming to a vote.
Senate Banking Committee Chairman Tim Johnson, D-S.D., released a statement condemning the movement to prevent a vote.
‘Unfortunately, Senate Republicans are blocking his confirmation, and in doing so they are blocking vital new protections for consumers and putting community banks and credit unions at a disadvantage to their less-regulated competitors,’ Johnson said.
The committee also approved the nominations of Alan Krueger to be a member of the Council of Economic Advisers; David Montoya to be Inspector General of the U.S. Department of Housing and Urban Development; and Cyrus Amir-Mokri to be an assistant secretary of the Treasury.