Senate Banking Committee to Vote on Consumer Protection Nomination

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Today, the Senate Banking committee is scheduled to vote on the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau. While his nomination is expected to pass in the Democratic-led committee, he will likely face opposition from the committee’s 10 Republican members.

Every Republican member of the committee signed a letter to President Obama stating that they would oppose any nominee to head the agency unless major changes were made to weaken its ability to protect consumers.

All 10 members have received significant campaign cash from Wall Street interests during their time in Congress.

  • We reported recently on the close ties that the committee’s Ranking Republican, Sen. Richard Shelby (R-Ala.), has with financial industry interests.  In August, Shelby’s leadership PAC received money solely from financial interests. He has received $6.2 million from the industry during his time in Congress.
  • Committee Republicans have received at least $31 million from the finance, insurance, and real estate sector (FIRE) during their time in Congress, according to Public Campaign Action Fund analysis of data from the Center for Responsive Politics.
  • Freshman Sen. Pat Toomey benefitted from $1.5 million in outside spending from the U.S. Chamber of Commerce in the 2010 election. The Chamber has long opposed common sense measures to rein in the banks and hold Wall Street accountable.

This isn’t to say that Democrats on the committee don’t have any Wall Street cash. They do--and plenty of it. But, it’s likely to be just these Republicans siding with the same banks and Wall Street CEOs that drove our economy off the cliff that are now pretending like they weren’t to blame and need little or no oversight.