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Cornyn says vote against Cordray is vote for small businesses

John CornynSen. John Cornyn (R-Texas) recently said that his vote against Richard Cordray to lead the Consumer Financial Protection Bureau was a vote for jobs and small businesses.

“Texans don't want another unelected, unaccountable czar in Washington,” Cornyn said following last week’s failed confirmation vote. “As the President has promised, but not delivered, Americans also want transparency in government.”

Over the summer, President Obama tapped Cordray, the former Ohio attorney general, to lead the controversial bureau. His selection of Cordray over Massachusetts liberal Elizabeth Warren was seen as an effort to persuade Republicans to confirm a director for the position.

Senate Republicans, including Cornyn, say their refusal to confirm a director has less to do about the nominee and more to do with the way the bureau is structured and funded.

In a letter to Obama sent in May, 45 of the 47 Republicans in the Senate committed to oppose any nominee until the administration changed the leadership structure from a director to a bipartisan board and allowed Congress to approve its funding instead of the Federal Reserve.

“If the administration is willing to put in place common-sense improvements in accountability and transparency that help ensure small businesses won’t bear the brunt of a wave of job-killing new regulations and red tape, we will work with them,” Cornyn said.

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