The Senate Banking Committee on Thursday voted to continue the debate on the Senate floor on Richard Cordray’s nomination to lead the Consumer Financial Protection Bureau.
On a straight party line vote of 12-10, the committee approved the former Ohio attorney general as the first ever director of the bureau.
“Today’s Banking Committee vote on Richard Cordray is an important step forward for American consumers,” Sen. Tim Johnson (D-S.D.), chairman of the committee, said. “The Consumer Financial Protection Bureau needs a director, and Mr. Cordray has proven he is qualified for the job. He should be confirmed by the full Senate as soon as possible.”
Democrats will have a difficult time securing enough votes to approve the nomination in the full Senate because Republicans remain committed to blocking any nomination until major changes are made to the bureau’s structure.
“Unfortunately Senate Republicans are blocking his confirmation, and in doing so they are blocking vital new protections for consumers, and putting community banks and credit unions at a disadvantage to their less-regulated competitors,” Johnson said.
Sen. Richard Shelby (R-Ala.), the committee’s ranking member, called the vote “premature.”
No nominee “should receive consideration until the Democrats are ready to stop playing politics and work with us to make the bureau accountable,” Shelby said, Advisorone.com reports.