GOP senators vow to block consumer office nominee

Published on NewsOK Modified: February 1, 2013 at 4:56 pm •  Published: February 1, 2013

The Consumer Financial Protection Board was a key feature of the overhaul of financial regulations that Congress approved and Obama signed in 2010. Republicans, however, objected to the law in general and to the consumer office in particular.

They have demanded that a bipartisan board of directors oversee the office and that it be subject to annual congressional appropriations instead of direct funding from the Federal Reserve.

Corker spokeswoman Laura Herzog said Corker chose not to sign the GOP letter because he is "looking at legislative options to achieve the same objective: accountability at the CFPB."

Portman on Friday sent Cordray a letter urging him to support the changes Republicans seek "so that the Senate can find a path forward on your nomination."

"You have an opportunity to stake out a reasonable position on these proposals independent of the White House," Portman wrote.

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