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Senate blocks Richard Cordray confirmation to head consumer watchdog agency [View All]

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Faygo Kid Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 10:22 AM
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Senate blocks Richard Cordray confirmation to head consumer watchdog agency
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Source: Washington Post

In a long-awaited vote Thursday morning, Senate Republicans blocked the confirmation of President Obamas nominee to lead his signature consumer watchdog agency, a move that prevents it from exercising many of its broad new powers.

Republicans relied on a procedural vote to keep the Senate from even considering former Ohio attorney general Richard Cordray for the top job at the Consumer Financial Protection Bureau.

By a vote of 53 to 45, Senate Democrats were unable to close off debate to allow the confirmation to proceed; 60 votes were needed to end a filibuster and proceed.

Though GOP lawmakers have praised Cordrays qualifications for the job -- he currently serves as the CFPBs director of enforcement -- they have pledged to prevent any candidate from being confirmed unless significant structural change are made to the bureau.

Read more: http://www.washingtonpost.com/blogs/2chambers/post/sena...
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