The Obama administration is turning on the pressure to get Rich Cordray confirmed as director of the Consumer Financial Protection Bureau.
Stephanie Cutter, deputy senior adviser to President Obama, spoke during a conference call with reporters on Nov. 3 that aimed to build upon public sentiment. She said that the president’s pick to lead the agency was being “held hostage” by Republicans and urged them to “do the right thing by consumers.”
Cutter mentioned that many Americans share the sentiments of those participating in Occupy Wall Street, and said that having Cordray in place would help.
The call followed a Senate Banking Committee hearing on the CFPB’s Office of Servicemember Affairs. Cutter said that Republicans are blocking the person who can help them. Until a CFPB director is in place, the agency lacks the authority to oversee non-bank lenders that the CFPB has deemed “predatory,” particularly in regard to military families.
Last May, a group of 44 Senate Republicans vowed to block any nominee for CFPB director unless Congress made changes to the Bureau’s structure. Sixty votes are required on most issues.
Rep. Barney Frank (D-Mass.) has repeated his call for President Obama to use his recess appointment powers to confirm Rich Cordray as CFPB director. “The Senate has about six weeks left in their session, and we’re going to continue to push to get him confirmed by the Senate,” Cutter said.