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US Senate Panel To Question Former Ohio AG
By: Associated Press
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Former Ohio Attorney General Richard Cordray is expected to field questions from a U.S. Senate panel considering his re-nomination to head the Consumer Financial Protection Bureau.
Whether Cordray will be confirmed is uncertain. Wall Street interests and Republicans in Congress fiercely opposed the agency created to defend consumer rights as part of the 2010 overhaul of the nation's financial regulations.
President Barack Obama resorted to a recess appointment last year to circumvent the Republicans and install Cordray as agency director. The appointment expires at year's end.
Questions were raised about the legitimacy of Cordray's appointment when a federal appeals court ruled in January that Obama violated the U.S. Constitution by using a recess appointment in the same way to place two people on the National Labor Relations Board.