Richard Cordray, President Obama’s pick to lead the Consumer Financial Protection Bureau, won approval from the Senate Banking Committee last week on a party-line vote. His confirmation to run the new agency faces fierce opposition from Republicans, who have vowed to block Senate approval until reforms are made to the agency.
As the ranking Republican on the Banking Committee, Sen. Richard Shelby (R-AL) is leading those calls for reform. In an interview at The Heritage Foundation this week, Shelby criticized Obama for failing to respond to the GOP’s suggested reforms for the CFPB.
As a result, he encouraged Republican leaders to block Cordray and limit Obama’s ability to make a recess appointment.