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Cordray Clears Banking Committee, Faces Full Senate Vote

A key Senate committee has approved the nomination of former Ohio treasurer and attorney general Richard Cordray to lead the new Consumer Financial Protection Bureau, but he still faces still opposition in the full Senate. The Senate Banking today advanced Cordray's nomination on a party-line vote. His nomination now goes to the full Senate, where Republicans have vowed to block any nomination because they think the new bureau has too much power. The appointment needs the support of 60 Senators, which appears unlikely. If blocked, Cordray could still ascend to the position through a recess appointment by the President.