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Senate Republicans commit to vote against Cordray in committee next week

Richard CordraySenate Republicans on the Banking Committee remain committed to blocking any director for the Consumer Financial Protection Bureau as the final vote is expected to happen next week.

The committee will vote on the nomination of former Ohio Attorney General Richard Cordray to direct the newly created agency on Oct. 6, Reuters.com reports.

Cordray currently works at the bureau on enforcement issues and is supported by Democrats. Republicans, however, are not focusing on Cordray's record or his capability. They have vowed to block any nomination unless the president agrees to change the structure of the agency.

Instead of a director, Republicans are demanding that the bureau be run by a board. They also want its budget to be subject to annual congressional approval and want outside regulators to have more authority over bureau regulations.

Democrats are accusing Republicans of trying to weaken the CFPB before it is able to get up and officially assert its new authority.

The bureau has been officially running since July 21 without a director, giving the bureau limited authority powers.

Democrats have enough votes to move Cordray past the committee confirmation process but without Republican cooperation, Cordray will face a tougher approval process on the Senate floor, according to Reuters.com.

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