–Senate Majority Leader: GOP Blocking Cordrary For Political Reasons
–Senate Minority Leader: Obama Hasn’t Yielded To GOP Demands on CFPB
By John Shaw
WASHINGTON (MNI) – Senate Majority Leader Harry Reid and Senate
Minority Leader Mitch McConnell clashed sharply Thursday over the
nomination of Richard Cordray to head the Consumer Financial Protection
Bureau.
The Senate will vote at 10:30 a.m. (1530 GMT) Thursday on a
Democratic motion to end debate on the Cordray nomination. The motion
will require 60 votes to pass and is expected to fail.
Reid, in remarks on the Senate floor, said Cordray has “bipartisan
support and (is) eminently qualified.”
“He is qualified. He is a man of diligence,” Reid said.
The GOP opposition to Cordrary “undermines the system of law”
because it is based on opposition to the entire CFPB, he said.
McConnell, in response on the Senate floor, said President Barack
Obama has resisted GOP demands to overhaul the structure of the newly
created agency before nominating a director.
McConnell said the CFPB should be led by a board not a single
director, should receive funds through the regular appropriations
process, and should be overseen by other regulator agencies.
Senate Democrats are trying to “stage a little political theater”
with the vote, McConnell charged, calling the CFPB director an
“unelected czar.”
** Market News International Washington Bureau: (202) 371-2121 **
[TOPICS: M$U$$$,MFU$$$,MCU$$$]
