Senate Approves Cordray to Head Consumer Bureau - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Senate Approves Cordray to Head Consumer Bureau

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The Senate has voted to confirm Richard Cordray as director of the Consumer Financial Protection Bureau, as senators approved the first of a batch of President Barack Obama's nominations freed for votes by a bipartisan agreement.

The 66-34 vote Tuesday came hours after Senate leaders worked out a deal freeing up seven stalled appointments for the consumer bureau and other agencies for simple majority votes by the chamber. In exchange, Democrats agreed to abandon for now an effort to change Senate rules to weaken the minority party's ability to block nominations, and Obama agreed to submit two different nominees for two labor posts.

The consumer bureau was created by the 2010 law that overhauled federal financial regulatory powers following the Great Recession.  

The other nominees expected to receive quick Senate confirmations are Tom Perez, to head the Labor Department, and Gina McCarthy to run the Environmental Protection Agency. 

Republicans say the president's nominees will be confirmed by August 1st.

Statement by the President

I'm pleased that the Senate took action today to move forward on the nominees who have waited far too long for a vote.  Over the last two years, I've nominated leaders to fill important positions required to do the work of the American people, only to have those positions remain unfilled – not because the nominees were somehow unqualified, but for purely political reasons.  I want to thank the Senators from both parties – including Leader Reid, Leader McConnell and Senator McCain – who have worked together to find a path forward and give these nominees the votes they deserve.  In the weeks ahead, I hope the Congress will build on this spirit of cooperation to advance other urgent middle-class priorities, including the need to take action to pass commonsense immigration reform and keep interest rates on student loans low for families trying to afford a higher education.

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