The Senate voted 66-34 Tuesday to confirm President Obama’s nominee to lead the Consumer Financial Protection Bureau (CFPB).
Richard Cordray was one of several controversial nominees that Republicans will allow to get an up-or-down vote after Senate Majority Leader Harry ReidHarry ReidAfter healthcare fail, 4 ways to revise conservative playbook Dem senator 'not inclined to filibuster' Gorsuch This obscure Senate rule could let VP Mike Pence fully repeal ObamaCare once and for all MORE (D-Nev.) threatened to use the “nuclear option” to change the Senate rules by eliminating the ability of the minority to filibuster an executive branch nominee.
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Earlier Tuesday, 17 Republicans joined Democrats in a 71-29 vote to end debate on Cordray’s nomination.
Sen. Chuck GrassleyChuck GrassleyRNC head: Dems acting ‘petty’ to Gorsuch Dems delay Senate panel vote on Supreme Court nominee Grassley wants details on firm tied to controversial Trump dossier MORE (R-Iowa) and other Republicans have complained that the bureau lacks congressional accountability and oversight.
Sen. Mike CrapoMike CrapoSenators war over Wall Street during hearing for Trump's SEC pick Overnight Finance: Biz groups endorse Trump's Labor pick | New CBO score coming before health bill vote | Lawmakers push back on public broadcasting cuts Senate Banking panel seeks proposals for economic growth MORE (R-Idaho), ranking member on the Senate Banking Committee, also pointed out that Republicans want to replace Cordray's director position with a bipartisan “board of directors with staggered terms.” He also expressed concern over recent reports that the bureau is conducting “unprecedented data collection.”
“The CFPB is collecting credit card data, bank account data, mortgage data and student loan data,” Crapo said ahead of the vote. “This ultimately allows the CFPB to monitor a consumer’s monthly spending habits.”
The D.C. District Court recently ruled Cordray’s recess appointment was unconstitutional, but now with Senate backing he will be able to serve a full five-year term as head of the agency.
Earlier Tuesday, Reid announced lawmakers had a deal to avoid the “nuclear option” and hold votes on several of President Obama’s controversial nominees, in addition to Cordray.
Democrats are hoping to vote in the next two weeks on Fred Hochberg to be president of the Export-Import Bank, Thomas PerezThomas E. PerezClinton’s top five vice presidential picks Government social programs: Triumph of hope over evidence Labor’s 'wasteful spending and mismanagement” at Workers’ Comp MORE to be secretary of Labor, and Gina McCarthyGina McCarthyEPA chief: ‘Help is on the way’ for farmers Trump moves to kill Obama water rule Obama EPA chief: Pruitt must uphold ‘law and science’ MORE to be administrator of the Environmental Protection Agency, in addition to several National Labor Relations Board nominees.
Democrats said Cordray’s confirmation was needed to give banks and consumers certainty. Republicans argued that his nomination was delayed — nearly two years — because they were exercising the right to “advise and consent” on executive branch nominees granted under the Constitution.