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News Now

Washington
CFPB director appointment blocked in Senate
WASHINGTON (12/9/11)--The U.S. Senate on Thursday elected not to hold a full vote on the Obama administration's nominee to lead the Consumer Financial Protection Bureau (CFPB), Richard Cordray, defeating a cloture motion by a 45-to-53 vote. A total of 60 yes votes would have brought Cordray's confirmation vote to the Senate floor.

President Barack Obama said "there is no reason" for Cordray not to be nominated, and added the White House would "continue pushing on this issue." The White House in a release said his administration would explore all options and take nothing "off the table" with respect to ensuring that the CFPB is able to fulfill its mission of protecting consumers. Obama did not rule out a recess appointment.

The nomination of a CFPB director has been controversial, with legislators for or against the appointment lining up mostly by party lines. Some Senate Republicans have consistently said they would block any CFPB nominee if certain structural changes were not made to the CFPB. One such change is replacing the director's position with a five-member panel of leadership as a way, supporters say, of making the CFPB's actions more transparent.


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