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Reply #5: White House pushes for confirmation of consumer watchdog nominee [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 07:01 AM
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5. White House pushes for confirmation of consumer watchdog nominee

White House officials Sunday issued a new report aimed at ramping up pressure on Senate Republicans to support President Obamas choice to head the Consumer Financial Protection Bureau, as key GOP lawmakers renewed their vow to block any nominee unless broad changes are made to the watchdog agency.

The new push by the Obama administration comes as the full Senate is expected to vote Thursday on the nomination of former Ohio attorney general Richard Cordray to head the CFPB, which opened in July but is blocked from exercising its full authority until a director is confirmed.

Members of the Senate banking committee approved Cordrays nomination in October in a party-line vote, but 45 of the chambers 47 Republicans have penned a letter to Obama pledging to oppose any nominee unless the bureaus powers are curtailed, a move that all but ensures Cordray will fall short of the 60 votes necessary for confirmation later this week.

In a report released Sunday night, the National Economic Council said the watchdog agency is hamstrung because it cant exercise its full authority in supervising non-bank financial institutions such as payday lenders, credit-reporting agencies and debt collectors...If Cordrays nomination fails to secure 60 votes in the Senate, Obama could move to appoint him to the position during winter recess. Such a move would be likely to draw the ire of congressional Republicans, who could seek to block Obama by holding brief pro forma sessions during the weeks when most lawmakers are away.
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