News

Warren pressures GOP on CFPB stalemate

Elizabeth WarrenElizabeth Warren is gathering support for Richard Cordray as he struggles against Republican opposition for his nomination to direct the Consumer Financial Protection Agency.

Warren was the top choice of the Democrats for the spot. The Republicans, however, bristled at her aggressive attitude against Wall Street and said she would be too controversial for the role, according to TheHill.com.

In response, President Obama instead picked former Ohio Attorney General Cordray to direct the new agency and Warren left Washington, DC, to resume teaching law at Harvard University.

Warren is now mulling a 2012 Senate run against Sen. Scott Brown (R-Mass.) and has posted a petition on her exploratory committee’s website to pressure GOP members on the Senate Banking Committee to support Cordray’s nomination, TheHill.com reports.

"The big banks and their army of lobbyists couldn't stop the creation of a new [CFPB], so now they are trying to undermine its work, enlisting their Republicans friends on the Senate Banking Committee," the petition says, TheHill.com reports. "It's outrageous — and we've got to hold them accountable."

Senate Republicans formed a filibuster-proof group in May, promising to block any nominee to head the bureau unless several changes were made to the agency's structure.

Despite Warren’s disappointment in being turned down to lead the agency she helped build from the bottom up, she publicly supported Obama’s decision to tap Cordray.

“Rich has always had my strong support because he is tough and he is smart-and that's exactly the combination this new agency needs," Warren said after Obama’s nomination announcement, HuffingtonPost.com reports. "He was one of the first senior leaders I recruited for the agency, and his work and commitment have made it clear that he will make a stellar director."

Comments are closed.