Forty-four of 46 Republican Senators vowed they would not approve “any consumer financial bureau director unless the agency was put under a five-member outside board, had its work checked periodically by bank examiners and had its budget approved by Congress rather than the Federal Reserve.”
So when Republicans refused to confirm the President’s nominee, Richard Cordray, to head the Consumer Financial Protection Bureau, America’s number one duffer shouldn’t have been surprised.
Senate Republicans maintained that voting down the nomination of Cordray had everything to do with the Dodd-Frank financial reform agency lacking oversight, and nothing to do with the candidate Obama chose to head it up. In other words, Republicans wanted to take consumer protection a step further than the President was willing to go, vowing that they’d agree to confirm a director, but not before additional consumer safeguards and supervision are put in place.
As for Obama’s nominee Richard Cordray, besides being the former Attorney General of the state of Ohio and acting as chief enforcement officer at the Consumer Financial Protection Bureau for the last year, Cordray is a five-time undefeated Jeopardy champion. Which may be why, when chiding Republicans for blocking his appointment, the President kept mentioning game playing.
According to Barack Obama, champion Jeopardy player Cordray has the expertise to “protect American families from being taken advantage of by mortgage lenders, payday lenders and debt collectors.”
After his pick was rejected, posing a few questions of his own, an irritated Barack Obama wanted to know if “Republicans in Congress think our financial crisis was caused by too much oversight of mortgage lenders or debt collectors?”