Sen. Elizabeth Warren (D-Mass.) blasted Senate Republicans on Thursday for continuing to stall Richard Cordray’s nomination to lead the Consumer Financial Protection Bureau, accusing the GOP of “keeping the game rigged,” Bloomberg reported.
Speaking at a Consumer Federation of America conference, Warren charged that, “blocking Rich Cordray is about keeping the game rigged, keeping the game rigged so that consumers remain in the dark -- and a few bad actors can rake in big profits.”
Warren, who helped create the CFPB prior to seeking office, added that the GOP’s behavior is “weakening the agency” and that Cordray “deserves an up or down vote.”
Cordray, who was named director of the CFPB in a recess appointment in 2012, had his confirmation hearing before the Senate Banking Committee Tuesday. However, NBC News reported that Cordray’s testimony did little to weaken the opposition of Republican lawmakers, who say they will continue to block the confirmation until serious changes are made to the agency’s structure.
In a letter written to President Barack Obama in February, Senate Minority Leader Mitch McConnell (R-Ky.) -- along with 42 other GOP senators -- expressed concern that the CFPB is “insulated from congressional oversight” and lacks “any meaningful checks and balances.”
“As supporters of strong and effective consumer protections, we write to you to reaffirm our concerns over the transparency and accountability of the Consumer Financial Protection Bureau (CFPB),” the letter reads. “Accordingly, we will continue to oppose the consideration of any nominee, regardless of party affiliation, to be the CFPB director until key structural changes are made to ensure accountability and transparency at the Consumer Financial Protection Bureau.”
Among their recommendations, Republicans are urging the president to convert the CFPB to a commission subject to the appropriations process rather than a director-led bureau budgeted by the Federal Reserve.
White House spokeswoman Amy Brundage told The Huffington Post in February that the president will not support the reforms proposed by Senate Republicans, stating that “the president has always said that he will not accept efforts to weaken the structure of the CFPB.”