Before Senate Republicans blocked the confirmation of Richard Cordray to lead the Consumer Financial Protection Bureau, Sen. Tim Johnson (D-S.D.) urged them to end their “unprecedented” display of “political gamesmanship.”
On Thursday morning, Johnson came to the Senate floor with warnings of consumer endangerment that would continue without a director for the bureau.
“Every day Mr. Cordray’s confirmation is blocked, vital protections are delayed, millions of Americans – including servicemembers, veterans and older Americans – are left vulnerable, and the nation’s community banks and credit unions remain at a disadvantage to their less-regulated competitors,” Johnson said.
Johnson, who chairs the Senate Banking Committee, accused Republicans of blocking the nomination in attempts to weaken the agency.
“Why do Senate Republicans remain opposed to consumer protection despite national surveys showing 3-in-4 bipartisan voters support the new agency’s creation? “ Johnson said. “Whatever the motivation, it appears to outweigh any concerns about protecting families buying homes, students borrowing for college, and servicemembers or older Americans falling prey to financial scams.”
Presidential nominees require 60 votes in the Senate for approval, which allowed the Republican minority to successfully block Cordray’s nomination.
According to Senate Minority Leader Mitch McConnell (R-Kent.), their requests for changes to the structure and funding of the bureau were not addressed by Democrats, which reaffirmed their commitment to block any nominee for the position.