The White House yesterday officially sent Congress Richard Cordray’s nomination to continue as director of the Consumer Financial Protection Bureau. President Obama on Jan. 24 announced his intention to re-nominate Cordray for a full five-year term.
Obama made Cordray the CFPB director through a recess appointment in January
2012, after Republican senators had threatened for months to block his
confirmation if structural reforms weren’t made to the agency.
A federal appeals court, however, ruled last month that similar recess
appointments the president made to the National Labor Relations Board were
unconstitutional, casting doubt on the validity of Cordray’s appointment. GOP
senators have since told Obama that they’ll continue to block Cordray’s
confirmation absent CFPB structural changes.