President Barack Obama announces the nomination of former Ohio Attorney General Richard Cordray to serve as the first director of the Consumer Financial Protection Bureau in July.
Democrats argued that the agency cannot complete its consumer protection mission without a head and that opposition to Cordray’s confirmation shows that Republicans favor banks and financial institutions over consumers and the middle class.
Sen. Tim Johnson (D-S.D.), chairman of the Banking Committee, applauded the move in a statement.
“With Richard Cordray leading the Consumer Financial Protection Bureau, Americans will finally get the consumer protections they deserve. Mr. Cordray is eminently qualified for the job, as even my Senate Republican colleagues have acknowledged. ... It’s disappointing that Senate Republicans denied him an up-or-down vote, especially when it’s clear he had the support of a majority of the Senate.”
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.