Republican senators have a buzzy little bee in their collective bonnets over the appointment of Richard Cordray as the director of the Consumer Financial Protection Bureau. See, they’re mad that President Obama took it upon himself to finalize the deed while the Senate was in recess, and say his “invalid” appointment will hurt business.
The legal challenges that will ensue — ahem, from, probably Republicans challenging the constitutionality of the appointment — will lead to uncertainty for businesses about whether the CFPB’s rules are also invalid, says the L.A. Times.
“I can’t imagine how anybody could maintain under the circumstances that your appointment and your service is valid,” Sen. Mike Johanns (R-Neb.) told Cordray on Tuesday at a Senate Banking Committee hearing.
“And I can’t imagine then … how the actions you are taking will be upheld and I think that’s a very, very serious consequence for our nation,” Johanns said.
Cordray and the Democrats defend the appointment, which Obama took it upon himself to do after Republicans blocked a confirmation vote in December. Obama first picked Cordray for the job six months ago.
“I have been appointed as director. There may be issues about that … but I now have legal obligations I’m supposed to carry out for this bureau. I’m going to do that,” Cordray said, adding that he doesn’t think challenges will succeed.
Republicans had been working to weaken the bureau’s effectiveness to protect consumers, pushing for a bipartisan committee to head it up instead of a single director, who they believe will have too much power to get anything actually done. Because an agency designed to protect consumers should have watered down leadership, eh?