Senate Democrats: Blocking Cordray Is ‘Inconsistent With Our Democratic Values’

Posted by Orb Staff on February 15, 2013 No Comments
Categories : Residential Mortgage

13307_richardcordray_square.jpg Senate Democrats: Blocking Cordray Is 'Inconsistent With Our Democratic Values' The controversy over Richard Cordray's directorship of the Consumer Financial Protection Bureau (CFPB) continued with Senate Democrats sending a letter to President Obama denouncing efforts by the Republican senators to restructure the agency.

TheHill.com reports that the Democrats' letter stated their refusal to entertain any conversation on changing the CFPB's current structure. Republicans have called for replacing the agency's single director with a bipartisan commission.

‘There is absolutely no evidence that the agency's structure requires changes,’ the senators wrote. ‘Attempts to force re-itigation of issues related to the CFPB's funding and organization by filibustering Director Cordray's nomination â�¦are irresponsible and inconsistent with our democratic values.’

The letter was signed by every Democratic senator except for Arkansas' Mark Pryor. The Senate's two independents, Angus King of Maine and Bernie Sanders of Vermont, also signed the letter.

Cordray's directorship has been called into question following a Jan. 25 court ruling that declared President Obama acted unconstitutionally when he made a series of recess appointments on Jan. 4, 2012, which included Cordray. The White House has yet to announce if it will appeal the court's ruling. The president formally renominated Cordray for a full term last month, but Senate Republicans have announced that they will not allow any CFPB-related confirmations to proceed unless the agency is restructured. Cordray's current term under his recess appointment expires at the end of the year.

Register here to receive our Latest Headlines email newsletter




Leave a Comment