“He’s setting up a vote he knows will fail so he can show up afterward and say he’s shocked.”
Senate Majority Leader Harry Reid (D-Nev.) filed cloture on the nomination Monday. A vote is expected Thursday morning.
McConnell outlined three changes that should be made to the CFPB — the main one being the replacement of the director with a board. The GOP argument is that the director has too much power.
The second change the GOP wants would make the agency part of the congressional appropriations process. Under the Dodd-Frank financial reform law, the agency is funded by the Federal Reserve, “giving it a funding stream that’s completely unique in government, entirely without a check from the American people, and making it one of the least transparent agencies in Washington.”
Republicans also want to give congressional committees oversight jurisdiction for the bureau.
“Everybody supports strong and effective consumer protection, but the CFPB in its current form cannot stand,” McConnell said.
“In its current form, the CFPB could easily be used for political purposes, at the expense of access to credit, job creation, economic growth and financial stability.”
McConnell said 45 Republican senators have signed a letter calling for the changes.
So far, centrist Sen. Scott Brown (Mass.) is the only Republican who has announced support for Cordray’s nomination.