Rep. Jeb Hensarling (R-Texas), the chairman of the House Financial Services Committee, called on CFPB Director Richard Cordray on Wednesday to testify on the agency’s semi-annual report “as soon as practicable.”
The Senate voted on Wednesday to confirm CFPB Director Richard Cordray after his nomination was filibustered for nearly two years. Hensarling had previously banned Cordray from testifying before the committee.
“Now that Richard Cordray has been confirmed by the Senate, he meets the statutory requirements to serve as CFPB director,” Hensarling said. “Therefore, the Financial Services Committee will call him to testify on the CFPB’s semi-annual report as soon as practicable. His confirmation, however, does not change the fact that the CFPB lacks the most basic semblance of accountability and transparency that hardworking taxpayers deserve from government agencies.”
Republicans contested Cordray’s nomination to lead the agency, saying he had too much power and that the CFPB lacked transparency and accountability—they vowed to block his nomination until key changes were made to the agency’s structure and funding process.
In exchange for Cordray’s confirmation, however, Senate Democrats agreed to leave the filibuster rules in place after Senate Majority Leader Harry Reid (D-Nev.) threatened to change the rules, Credit Union Times reports.
“No one unelected, unaccountable bureaucrat in Washington should have so much control over the financial destiny of Americans, particularly one who is completely insulated from the types of checks and balances that apply to other government agencies,” Hensarling said. “Our committee will continue its vigorous oversight of the CFPB and do everything we can to make the CFPB as accountable as possible.”