Republican Senators have restated their opposition to the Consumer Financial Protection Bureau’s leadership structure this week. In statements surrounding the hearing for former Ohio Attorney General Richard Cordray, Republicans who have vowed to block any Consumer Financial Protection Bureau chief nomination until changes to the bureau’s structure have been made reiterated their opposition to the nomination.
In a confirmation hearing this week, Republican committee members unanimously opposed Cordray’s nomination.
“I will not support the consideration of any nominee to be the Consumer Financial Protection Bureau director until the structure of the bureau is reformed to enhance consumer protection while ensuring accountability,” stated Senator Mike Crapo (R-Idaho).
A statement from Senator David Vitter (R-La.) shared a similar sentiment.
“We’ve outlined our serious reservations about the authority the law currently gives to the credit czar, and those concerns will remain no matter who fills that position,” said Sen. Vitter. “The president’s comments this week underscore our concerns that the CFPB is more about micromanaging banks than protecting consumers.”
The nomination will go to a full Senate vote.
View the full statements.
Written by Elizabeth Ecker