The Senate Banking Committee’s hearing on the nomination of Richard Cordray as the first director to the Consumer Financial Protection Bureau illustrated why it is very unlikely Cordray will ever receive Senate confirmation.
The nominee proved to be a very creditable candidate for the job. But Ranking Member Shelby made it very clear in his opening statement that he was not troubled by Cordray’s credentials, but the very existence of a pro-consumer agency with the authority to issue broad regulations. Shelby pointed to a letter sent to President Obama, signed by 43 GOP senators, saying they would oppose any director nomination until broad changes are made to the CFPB governance structure.
Democratic Senators made numerous points, emphasizing the importance of the new agency and the strength of Cordray’s credentials. But the united GOP showed no signs of weakening in their opposition to the nomination.
