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Wednesday, July 17, 2013

Senate Votes to Confirm Cordray, Averts ‘Nuclear Option’

The Senate in a 66-34 vote yesterday confirmed Richard Cordray as director of the Consumer Financial Protection Bureau.

Cordray has been serving as the bureau's director since a January 2012 recess appointment, but his formal confirmation had been blocked by Senate Republicans who were concerned about the CFPB’s structure and lack of accountability. In exchange for allowing Cordray's nomination to come to a vote, Democrats agreed to withdraw nominations for two members of the National Labor Relations Board (NLRB). The CFPB Director's term is 5 years.

Yesterday’s vote came after Senate Majority Leader Harry Reid (D-Nev.) threatened to deploy the so-called “nuclear option,” by which the Senate’s Democratic majority would change Senate rules to prevent filibusters of presidential appointees.

In related news, Sen. Rob Portman (R-Ohio) yesterday introduced a bill to create an independent, presidentially appointed inspector general for the CFPB. The Federal Reserve’s IG is currently responsible for the CFPB. Senators Mike Crapo (R-ID), ranking member of the Senate Banking Committee, Susan Collins (R-ME), Mike Johannes (R-NE), Dean Heller (R-NV), and David Vitter (R-LA) joined Portman as original cosponsors of the legislation.

Learn more about the Senate vote.

Read Sen. Portman's Press Release about this legislation