Frank presents the case of Richard Cordray, a former state attorney general who was nominated by Obama in July to head the Consumer Financial Protection Bureau. Senate Republicans vowed to block Cordray’s nomination — or that of any nominee — without changes designed to weaken the new agency.
In June, Peter Diamond withdrew his nomination for Federal Reserve governor after failing to gain support from Senate Republicans. Richard Shelby (R-Ala.), the top Republican on the Senate Banking Committee, was just one GOP leader who criticized the nomination, saying Diamond — whowon the Nobel Prize in economics in 2010 — lacked monetary policy experience.
“We’re going to see an extraordinarily qualified administrator of an important consumer protection agency be trashed by the Senate Republican minority because their primary goal is to ensure that financial institutions are not troubled by what they may see as an excessive concern for consumer fairness,”
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