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Posted: 5:22 p.m. Tuesday, March 5, 2013

Cordray to get confirmation hearing for consumer post despite GOP opposition

By Jack Torry

Washington Bureau

WASHINGTON —

Even as Republicans vow to block the nomination, a Senate committee next Tuesday will hold a confirmation hearing on former Ohio Attorney General Richard Cordray to head a consumer financial watchdog bureau.

Cordray, a Democrat, has served as director of the Consumer Financial Protection Bureau for the past year after President Barack Obama used a recess appointment to place him in the post. Obama made the move after Senate Republicans use a procedural move to block Cordray’s nomination.

Obama in January re-nominated Cordray as full-time director, but 42 Senate Republicans vowed once again to block Cordray’s nomination until the Obama administration agrees to modify some of the powers of the bureau.

In particular, Senate Republicans want Congress to approve the bureau’s annual budget and insist that the bureau be governed by a five-person bureau as opposed to a sole director.

Sen. Rob Portman, R-Ohio, did not sign the letter. Instead, he urged Cordray to modify the bureau’s powers.

Jessica Wehrman of the Washington bureau contributed to this story.

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