WASHINGTON – U.S. Sen. Mike Johanns (R-Neb.) today questioned Consumer Financial Protection Bureau (CFPB) Director Richard Cordray on the validity of any actions CFPB takes under his leadership because of the legal challenges his appointment will face.
Earlier this month, President Obama bypassed the Senate to appoint Cordray to lead the CFPB - a powerful new government bureau set to operate with little transparency and oversight - despite the Senate’s previous rejection of his appointment to the position. Johanns questioned Cordray during a Senate Banking Committee hearing this morning.
“I can’t imagine how anybody can maintain under the circumstances that your appointment and your service is valid,” Johanns said. “And I can’t imagine, then, based upon the precedent that I see, how the actions you’re taking will be upheld and I think that’s a very serious consequence for our nation.”
Full video of his remarks is available HERE.