New Hampshire’s senators split their votes over the president’s nominee to head the nation’s new bureau to protect consumers from financial fraud.
Ohio Attorney General Richard Cordray didn’t stand a chance and it’s not because he’s controversial. Republicans just don’t like the consumer bureau the president asked him to head. The new bureau is housed in the Federal Reserve and paid for with its funds. Without the need to ask for money annually Republicans, such as New Hampshire’s Kelly Ayotte, say lawmakers lack essential oversight powers.
“I think that’s a red herring.”
That’s New Hampshire Democratic Senator Jeanne Shaheen. She says Ayotte and others are fighting a battle their party already lost.
“Unfortunately too many of our colleagues on the other side of the aisle did not want to support Wall Street regulation, they didn’t want to support it at the time and they see this as an opportunity to undo what has been done already.”
Without a director the bureau can’t regulate pay day lenders and companies that service mortgages. Republicans say that’s too much power for one person and want a council of directors to head the consumer bureau.
