Hensarling Bans Cordray From Financial Services Committee

Image: Hensarling Bans Cordray From Financial Services Committee Left, U.S. Rep. Jeb Hensarling, R-Texas. Right, U.S. President Barack Obama stands with Richard Cordray, the man he has named the nation’s chief consumer watchdog.

Tuesday, 23 Apr 2013 12:04 PM

By Dan Weil

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Texas GOP Rep. Jeb Hensarling, chairman of the House Financial Services Committee, has banned Consumer Financial Protection Bureau Director Richard Cordray from his committee, saying he is not the agency’s “legitimate” head.

Hensarling says President Barack Obama’s recess appointment of Cordray means he is not rightfully in the post. "He is not the director of the CFPB," Hensarling told The Wall Street Journal.

He pointed to a federal appeals court decision that threw out recess appointments Obama made at the same time to the National Labor Relations Board. Now, Hensarling says, it would take a Supreme Court decision to affirm Cordray.

Rep. Maxine Waters, the ranking Democrat on the committee, said Cordray should appear as scheduled on Tuesday as the court decision did not cover him. “No court has addressed the legitimacy,” of his appointment, she said.

Obama appointed Cordray, a former attorney general of Ohio, to the post in January 2012. The president claimed it was a recess appointment even though the upper chamber was not technically in recess, even though it was not conducting any business at the time. The president renominated Cordray in January this year.

But the GOP has resisted his appointment as it tries to have the agency restructured. Instead of it single-director format, Republicans want a bipartisan commission. And they want Congress to have funding control over the agency rather than the Federal Reserve.

Democrats object to the change saying it is an attempt to hamstring the agency’s effectiveness.

The Journal said Cordray is still scheduled to appear before the Senate Banking Committee on Tuesday.




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