The Senate Banking Committee met to consider the nominations of Richard Cordray to be Director of the Consumer Financial Protection Bureau and Mary Jo White to be a Member of the SEC for the remainder of the term expiring June 5, 2014.

Although both nominees were deemed to be well qualified by the Senators, Mr. Cordray continued to be opposed by the Republicans until such time as the Democrats would agree to make significant changes in the administrative structure of the new agency.

Ms. White, on the other hand, was being asked to prioritize and expedite a whole host of issues currently before the SEC. Principally, the Republicans asked Ms. White to push the regulations pursuant to the Jobs Act and to make the SEC guidelines on cost/benefit studies an agency policy. Democrats generally sought additional enforcement activity. The nominee promised to do all she could on every issue.