Cordray to testify before U.S. House oversight panel about his appointment

Richard CordrayRichard Cordray, the director of the Consumer Financial Protection Bureau, has agreed to testify before a U.S. House oversight panel later in January.
Cordray will likely face difficultjumping castles for sale questions about the president's decision last week to install him as the bureau's director as a recess appointment, bypassing the Senate completely. Rep. Patrick McHenry (R.-N.C.) and other congressional Republicans were incensed by the president's January 4 decision, according to the Wall Street Journal.
“(The) unprecedented appointment of Mr. Cordray runs counter to the constitutional requirements for a recess appointment and Obama’s own campaign pledge to run ‘the most transparent administration in history,'" McHenry said, the Wall Street Journal reports.
McHenry heads a financial services subcommittee of the House Oversight Committee. He wrote to Cordray requesting that he testify during the panel on January 24. Cordray agreed to testify and lawmakers will use the hearing to get more details on the plans he has as the bureau moves forward.
“Considering that Mr. Cordray’s appointment sidestepped congressional approval, the Oversight Committee looks forward to hearing Mr. Cordray’s interpretations of the broad rules outlined in Dodd Frank for his agency,” a subcommittee's spokeswoman said, according to the Wall Street Journal.
The hearing will likely be packed with representatives of the financial industry who are eager to hear Cordray's answers on questions about bureau operations and the legality of his appointment.

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