Sen. Mitch McConnell, R-Ky., is vowing to block any nominee to head the Consumer Financial Protection Bureau (CFPB). The vow comes as a new candidate with ties to the banking industry has emerged to head the new and controversial agency,
The Washington Post reports.
GOP opposition to the bureau has focused on Harvard law professor Elizabeth Warren, who is in charge of setting up the consumer watchdog.
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However, sources told the Post that the Obama administration is not considering one of Warren’s staff for the job, Raj Date, who worked for Capital One and Deutsche Bank.
Regardless, spokesman Donald Stewart said the Senate Minority Leader stands by his pledge to block any candidate.
The GOP wants the CFPB to be run by a five-member commission, tougher oversight, and be funded by Congress.
Any senator can hold up a nominee. However, President Barack Obama can sidestep the rule by making a recess appointment.
The agency is set to launch July 21.
Without a director, the agency’s power to write rules or supervise non-bank financial firms, such as payday lenders, will be limited, according to the Post.
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