Confirmation of CFPB Director Fails to Move Forward

Yesterday, the US Senate did not have the 60 votes needed to move forward with the confirmation of Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB).

This is undoubtedly good news. Had the confirmation gone forward it would have taken financial regulation authority out of the hands of elected officials and placed it with one unelected bureaucrat. Those favoring a quick confirmation have all but dismissed the idea that the agency could be run as a commission with several members.

Sen. Richard Shelby (R-AL) submitted an Op-Ed to the USA Today explaining why the consumer bureau needs a commission, as well as other reforms, in order to be more accountable.