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Washington
NEW Senate Blocks Cordray CFPB Nomination
WASHINGTON (UPDATED: 11:30 A.M. ET)—The U.S. Senate this morning elected not to hold a full vote on the Obama administration's nominee to lead the Consumer Financial Protection Bureau (CFPB), Richard Cordray, defeating a cloture motion by a 45-to-53 vote. A total of 60 yes votes would have brought Cordray's confirmation vote to the Senate floor.

President Barack Obama today said the White House would "continue pushing on this issue."

The nomination of a CFPB director has been controversial, with legislators for or against the appointment lining up mostly by party lines. Some Senate Republicans have consistently said they would block any CFPB nominee if certain structural changes were not made to the CFPB. One such change is replacing the director's position with a five-member panel of leadership as a way, supporters say, of making the CFPB's actions more transparent.

Deputy U.S. Treasury Secretary Neil Wolin has countered, however, that the transparency concerns are unfounded, for instance saying in this week's Treasury Notes Blog post that the CFPB does not lack accountability nor transparency. Treasury is parent agency to the consumer bureau.


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