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From Banking and Finance Law Daily, July 15, 2013

Senate Democrats ask for end to filibuster of Cordray nomination

By Katalina M. Bianco, J.D.

Twelve Democrats on the Senate Banking Committee, including chairman of the committee Tim Johnson (D-SD), have written a letter to Senate Republican Leader Mitch McConnell (R-Ky) asking Republicans to end their filibuster of Richard Cordray’s nomination as director of the Consumer Financial Protection Bureau and vote on his confirmation. The letter to McConnell came after Senate Majority Leader Harry Reid filed cloture on Cordray’s nomination.

Content of letter. Johnson and the other 11 Democrats wrote to McConnell about the Constitutional duties of the U.S. Senate, stating that one of the most important of those duties is to give “advice and consent” to the president’s appointments of public officials. The writers quoted Alexander Hamilton in the letter as writing that “[i]t will be the office of the President to nominate, and with the advice and consent of the Senate, to appoint. There will, of course, be no exertion of choice on the part of the Senate. They may defeat one choice of the Executive, and oblige him to make another; but they cannot themselves choose – they can only ratify or reject the choice of the President.”

The writers of the letter noted that the CFPB was created in response to the financial recession that was, in part, spurred by financial regulators “not properly doing their jobs.” While there was debate in Congress over the structure of the CFPB, and continued debate as to how best to protect consumers, “it is well past time the Senate honors its constitutional responsibilities and proceeds to an up-or-down vote on the nominee’s merits.”

Cordray was first nominated nearly two years ago. The Democratic committee members wrote that the banking committee favorably reported Cordray’s nomination for the full Senate’s consideration.

MainStory: TopStory CFPB

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