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Cordray Nomination Hearing Held

March 14, 2013

WASHINGTON — Senate Banking Committee Chairman Tim Johnson conducted a hearing Tuesday on the appointments of Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB), and Mary Jo White as a member of the Securities and Exchange Commission.

The CFPB was created in 2010 against the wishes of the Republicans in Congress, reports the Associated Press. Obama installed Cordray as agency director via a recess appointment last year to circumvent the Republicans. Questions have since been raised about the legitimacy of Cordray's appointment after a federal court ruled that Obama violated the U.S. Constitution by using a recess appointment in the same way to place two people on the National Labor Relations Board.

“Since his first confirmation hearing in September 2011, Director Cordray has appeared before this committee more than any other financial regulator. During that time, he has proved to be a strong leader of the CFPB,” said Senate Banking Committee Chairman Tim Johnson at the hearing Tuesday.

“He has taken important enforcement actions against banks that took advantage of customers. So I ask my colleagues, what more can Richard Cordray do to deserve an up-or-down vote? I hope we can finally put aside politics and move forward with Richard Cordray’s confirmation,” Johnson concluded.

A vote on the Cordray and White’s nominations will be scheduled for a later date.

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