I'm not sure there's a real point to passing legislation in our current political environment:
Senate GOP blocks Obama pick to head watchdog agency
By Bobby Caina Calvan | Globe Staff Former Ohio Attorney General Richard Cordray
WASHINGTON -- Senate Republicans today blocked the nomination of Richard Cordray, the former Ohio attorney general, to lead the Consumer Financial Protection Bureau, a key component of Democrats’ efforts to place stricter rules on Wall Street.
As expected, Senator Scott Brown of Massachusetts was the lone Republican to vote in favor of confirming Cordray.
Senator John Kerry, the Bay State’s Democratic Senator, was not present to vote because of a trip overseas for meetings as part of his duties as chair of the Senate Foreign Relations Committee. He had conferred with party leaders who already knew Cordray’s nomination would go down to defeat.
Democrats mustered a 53-45 vote but needed a filibuster-proof 60 votes for the nomination to proceed.
Olympia Snowe, a Republican from Maine, voted “present.”
The chief architect of the consumer watchdog agency was Elizabeth Warren, who is expected to become the Democratic nominee to face off against Brown in what could be one of the most watched Senate campaigns in the country.
Warren has pounded Brown for his ties to Wall Street, and his support for Cordray was seen as an attempt to lessen the blows.
The vote comes after a last-ditch campaign earlier this week by Democrats and the White House to win votes for Cordray.
But his nomination was dead on arrival because of the GOP’s deep opposition to how the new agency was structured when it was established by last year’s Dodd–Frank Wall Street regulatory overhaul. Republicans contend there is too little oversight over the new agency. Forty-five GOP Senators signed a letter vowing their opposition to any nominee, making it virtually impossible to win confirmation.
President Obama expressed his displeasure after the vote:
“Consumers across the country understand that part of the reason we got into the financial mess that we did was because regulators were not doing their jobs,” Obama said. “We are not going to allow politics as usual on Capitol Hill to stand in the way of American consumers being protected by unscrupulous financial operators. And we’re going to keep on pushing on this issue.”
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Bobby Caina Calvan can be reached at [email protected]. Follow him on twitter @GlobeCalvan.
Senate GOP blocks Obama pick to head watchdog agency
By Bobby Caina Calvan | Globe Staff Former Ohio Attorney General Richard Cordray
WASHINGTON -- Senate Republicans today blocked the nomination of Richard Cordray, the former Ohio attorney general, to lead the Consumer Financial Protection Bureau, a key component of Democrats’ efforts to place stricter rules on Wall Street.
As expected, Senator Scott Brown of Massachusetts was the lone Republican to vote in favor of confirming Cordray.
Senator John Kerry, the Bay State’s Democratic Senator, was not present to vote because of a trip overseas for meetings as part of his duties as chair of the Senate Foreign Relations Committee. He had conferred with party leaders who already knew Cordray’s nomination would go down to defeat.
Democrats mustered a 53-45 vote but needed a filibuster-proof 60 votes for the nomination to proceed.
Olympia Snowe, a Republican from Maine, voted “present.”
The chief architect of the consumer watchdog agency was Elizabeth Warren, who is expected to become the Democratic nominee to face off against Brown in what could be one of the most watched Senate campaigns in the country.
Warren has pounded Brown for his ties to Wall Street, and his support for Cordray was seen as an attempt to lessen the blows.
The vote comes after a last-ditch campaign earlier this week by Democrats and the White House to win votes for Cordray.
But his nomination was dead on arrival because of the GOP’s deep opposition to how the new agency was structured when it was established by last year’s Dodd–Frank Wall Street regulatory overhaul. Republicans contend there is too little oversight over the new agency. Forty-five GOP Senators signed a letter vowing their opposition to any nominee, making it virtually impossible to win confirmation.
President Obama expressed his displeasure after the vote:
“Consumers across the country understand that part of the reason we got into the financial mess that we did was because regulators were not doing their jobs,” Obama said. “We are not going to allow politics as usual on Capitol Hill to stand in the way of American consumers being protected by unscrupulous financial operators. And we’re going to keep on pushing on this issue.”
Introducing BostonGlobe.com digital subscriptions, just 99¢ for your first 4 weeks.
Bobby Caina Calvan can be reached at [email protected]. Follow him on twitter @GlobeCalvan.
