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March 28, 2012

Standoff leaves agencies in limbo

“Senate Republicans’ refusal to approve at least seven other financial regulator nominees in the wake of President Barack Obama’s recess appointment of Richard Cordray has left key agencies in limbo, complicating the implementation of major aspects of the Dodd-Frank reforms.”

“Nominees for the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Treasury Department have been stopped since Obama’s decision not to wait on putting Cordray in place at the new Consumer Financial Protection Bureau in January. The move torpedoed a potential deal with Republicans to get dozens of sure-fire candidates through the Senate.”

‘Agencies without confirmed leaders are often reluctant to take strong policy actions, especially if the actions are potentially politically unpopular, no matter how necessary they might be,’ said Dennis Kelleher, president and CEO of the advocacy group Better Markets.”


Read full POLITICO article here.

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