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Republicans also cite their concern that the CFPB should be funded through the appropriations process, which would give Congress more input over the agency. Currently, CFPB is funded through the Federal Reserve System.
Finally, they want to allow other financial regulators to provide a check on CFPB rules so they don’t imperil the health of financial institutions and lead to unnecessary bank failures.
“The president knew about these concerns months ago, and he chose to dismiss them. And now he’s suddenly making a push to confirm his nominee — because it fits into some picture he wants to paint about who the good guys and the bad guys are in Washington,” McConnell said. “So once again, Democrats are using the Senate floor this week to stage a little political theater. They’re setting up a vote they know will fail so they can act shocked about it later.”
Emily Pierce contributed to this report.