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Cordray goes head-to-head with Senate Republicans

Richard CordrayDuring Tuesday’s Senate Banking Committee hearing, Richard Cordray made his case to Senate Republicans on why he should be confirmed to direct the Consumer Financial Protection Bureau.

"I promise that you will have one person who will always be accountable to you for how we are carrying out the laws laid down by Congress and I will always be keenly interested in your thoughts about how we should do our work, " Corday said, Newser.com reports.

Unmoved, Republicans stuck to their vow of blocking the nomination, but they did not attack Cordray based on his credentials as a former Ohio attorney general. Instead, they demanded changes to the bureau’s structure, including having a bipartisan commission lead the bureau instead of a director.

“The director's decisions will impact whether Americans can buy a home, a car or even basic household goods," Sen. Richard Shelby (R-Ala,) said, Newser.com reports.

Democrats accused Republicans of playing political games with the confirmation process.

"They only want to block his nomination, or anybody else's nomination, simply because they don't like the agency," Sen. Sherrod Brown (D-Ohio) said, according to Newser.com. "They apparently don't want a consumer agency to be representing consumers."

According to Democrats at the hearing, the bureau’s authority was comparable to other federal regulatory agencies.

The bureau is designed to protect consumers. By law, it cannot exercise all of its powers without a director.

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