Senate Republicans are renewing their vow to block any nominee to head the Consumer Financial Protection Bureau (CFPB) unless major changes are made to its structure.
In a letter sent to President Obama on Friday, 43 Republican senators committed to refusing approval of any nominee to head the consumer watchdog until the bureau underwent significant reform. Lawmakers signing on to the letter included Senate Minority Leader Mitch McConnell (R-Ky.) and Sen. Mike Crapo (R-Idaho), the ranking member of the Senate Banking Committee.
"The CFPB as created by the deeply flawed Dodd-Frank Act is one of the least accountable in Washington," said McConnell. "Today’s letter reaffirms a commitment by 43 Senators to fix the poorly thought structure of this agency that has unprecedented reach and control over individual consumer decisions — but an unprecedented lack of oversight and accountability.”
The two GOP senators who did not sign on to the letter were Sens. Bob Corker (Tenn.) and Rob Portman (Ohio). Corker is instead looking at legislative ways to boost the bureau's accountability, according to his spokeswoman. And Portman sent a letter to Cordray Friday calling on him to back the GOP-preferred changes as a way to prove his independence from the White House.
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