Reply #5: White House pushes for confirmation of consumer watchdog nominee

[Demeter]

http://www.washingtonpost.com/politics/white-house-pushes-for-confirmation-of-consumer-watchdog-nominee/2011/12/04/gIQABLxoTO_story.html

White House officials Sunday issued a new report aimed at ramping up pressure on Senate Republicans to support President Obama’s 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 Cordray’s nomination in October in a party-line vote, but 45 of the chamber’s 47 Republicans have penned a letter to Obama pledging to oppose any nominee unless the bureau’s 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 can’t exercise its full authority in supervising non-bank financial institutions such as payday lenders, credit-reporting agencies and debt collectors...If Cordray’s 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.