WASHINGTON — Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, is urging Chairman Jeb Hensarling to reverse his decision not to allow Consumer Financial Protection Bureau Director Richard Cordray to testify later this month on the agency's semi-annual report.
Hensarling said on Monday that he would not allow Cordray to testify in the wake of a controversial federal appeals court ruling earlier this year that overturned several recess appointments President Obama made to the National Labor Relations Board the same day he appointed Cordray as head of the CFPB. Cordray was not involved in that lawsuit, but Hensarling argued has that the panel will not hear from Cordray because the agency has "no valid director." Cordray testified before the Senate Banking Committee on Tuesday.
But Waters, in a letter to the chairman Tuesday, pushed back on Hensarling's decision, arguing that Cordray's position has not been ruled on and warning that failing to hear his testimony will "impede Congressional oversight."
"[I]t is inappropriate and unwarranted to prematurely and unilaterally conclude that the Noel Canning case warrants blocking Director Cordray from fulfilling his statutory obligation to testify before the Committee," Waters wrote. "Whether or not Republican members support the mission of the CFPB, the decision to bar Director Cordray from testifying will impedes Congressional oversight of the Bureau."