Monday, February 4, 2013

Report: Crapo Leads Opposition Against Consumer Bureau Nominee

Posted By on Mon, Feb 4, 2013 at 8:58 AM

Idaho's senior U.S. Sen. Mike Crapo is leading the charge against President Barack Obama's choice to lead the new consumer finance watchdog agency.

This morning's Insurance Journal reports that a group of 43 Republicans, led by Crapo and Senate Minority Leader Mitch McConnell of Kentucky are pledging to block Richard Cordray's nomination to lead the Consumer Financial Protection Bureau.

Crapo is the top GOP member of the Senate Banking Committee.

“As presently organized, the CFPB is insulated from congressional oversight of its actions and its budget,” the Republicans wrote. “Far too much power is vested in the sole CFPB director without any meaningful checks and balances.”

Obama tried to install Cordray at the helm of the bureau through a maneuver known as a "recess appointment" in January 2012, but a federal appellate court ruled that Obama's appointment was constitutionally invalid, meaning Obama still has to turn to Congress for Cordray's approval.

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