Tuesday, July 19, 2011

President Obama Spurns Elizabeth Warren, But Confirming Richard Cordray Will Likely Be No Easier

President Obama Spurns Elizabeth Warren, But Confirming Richard Cordray Will Likely Be No Easier

President Obama may have rid himself of a high-profile confirmation fight by shunning Elizabeth Warren and picking former Ohio Attorney General Richard Cordray to run the nation's new consumer finance watchdog.

But even with conservative lightning rod Warren out, the fight remains. Obama still must try to figure out how to get his nominee confirmed, and Republicans signaled Monday that they were not softening their opposition to naming anyone to run the Consumer Financial Protection Bureau.

"Senate Republicans still aren't interested in approving anyone to the position until the president agrees to make this massive new government bureaucracy more accountable and transparent to the American people," Minority Leader Mitch McConnell (R-Ky.) said on the Senate floor Monday.

He reminded Obama that 44 senators had signed a letter that warned "we will not support the consideration of any nominee, regardless of party affiliation, to be the CFPB director until the structure of the Consumer Financial Protection Bureau is reformed."

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