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While it's the president who chooses nominees for key financial services policy posts, a Republican from Alabama appears to have a big say in whether a candidate is confirmed.
May 9 -
While Sen. Shelby has every right to seek changes to laws that aren't working, he should give Dodd-Frank and the Consumer Financial Protection Bureau a chance before he tries to crush them.
May 9 -
Republicans are strongly considering using a rare procedural move to prevent President Obama from making a recess appointment to install a director of the Consumer Financial Protection Bureau.
May 6 -
Senate Republicans' vow to not confirm a permanent director for the Consumer Financial Protection Bureau without changes to the agency virtually assures a recess-appointment.
May 5 -
Senate Republicans effectively declared war on the Consumer Financial Protection Bureau Thursday when they vowed to block the nomination of any permanent director unless Congress agrees to sweeping changes to the agency's structure.
May 5
WASHINGTON — Sen. Tim Johnson, the chairman of the Senate Banking Committee, said Tuesday he was not willing to negotiate with Republicans on changes to the Consumer Financial Protection Bureau.
Forty-four GOP senators wrote a letter last week vowing to block the nomination of the agency's director until Congress makes significant changes to the bureau's structure.
"They ask too much," Johnson told reporters following a committee hearing. "Their demands are too steep, and it's up to the president to make the call."
Republicans said that before the Senate will clear any nominee, Congress must replace the agency's director with a board, subject the bureau to the appropriations process, and allow banking regulators the power to override the CFPB.
Asked whether he was worried that negotiating on CFPB would embolden Republicans to press for further changes to Dodd-Frank, Johnson responded, "That too."
"This forces the president's hand to do what he has to do," he added.
