“NO” on the Nomination of Richard Cordray
Later this week, the Senate will vote on the nomination of Richard Cordray to be the director of the Consumer Financial Protection Bureau (CFPB). Created by the Dodd-Frank financial regulation statute, the position would give Mr. Cordray nearly unchecked and unparalleled regulatory powers – which run contrary to the balance of powers within government – over consumer financial products and services.
By law, the CFPB has no regulatory authority until a director is confirmed. Once a director is confirmed, it will operate unchecked autonomously because it is housed within the Federal Reserve; its budget is not subject to congressional control and its status within the Federal Reserve also precluded presidential oversight. Conservatives must insist the Bureau be repealed, not empowered.
Heritage Action opposes the nomination of Richard Cordray and will include it as a key vote in our scorecard.