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Consumer Watchdog Nominee Facing Senate Committee

Richard Cordray

Richard Cordray, the nominee to head the new Consumer Financial Protection Bureau, will be considered by the Senate Banking Committee Tuesday.

Congress returns from its August vacation this week and Cordray’s nomination is one issue scheduled to be addressed.

The AP reports Cordray is promising to be accountable to Congress, a concern many Republicans voiced in objection to Cordray’s nomination. Republicans promised to block any nominee unless changes are made to make the bureau more accountable.

“You will have one person who will always be accountable to you for how we are carrying out the laws laid down by Congress and I will be eager to hear your thoughts about how we should do our work,” Cordray said according to the AP.

President Barack Obama appointed Harvard professor Elizabeth Warren to help set up the agency, created in response to the financial crisis. However, facing heavy Republican opposition, Obama did not nominate her.

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