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Monday, February 4, 2013

Sen. Portman Asks Cordray to Support CFPB Structural Changes

Sen. Rob Portman (R-Ohio) on Friday asked Consumer Financial Protection Bureau Director Richard Cordray to support Republican demands for structural changes in the bureau.

"I ... ask for your commitment to work toward some basic accountability reforms of the bureau, the merits of which you and I have discussed on several occasions," Portman said in a letter to Cordray, a fellow Ohioan and the state's former attorney general.

He noted that the Obama administration’s refusal to consider CFPB structural changes has resulted in an impasse on Cordray's nomination, as evidenced in a letter 43 senators sent to Obama on Friday (see above).

"As a nominee to lead an independent agency, you have an opportunity to stake out a reasonable position on these proposals independent of the White House," Portman said.

"Now is the time to exercise that independence and lend your support to these common-sense reforms ... so that the Senate can find a path forward on your nomination," he said.

Read Portman's letter.