Elizabeth Warren - Truth in Lending (2013) : Consumer Financial Protection Bureau Semi-annual Report

Harvard Law School professor and bankruptcy expert Elizabeth Warren, who was special consultant in charge of implementing it, was removed from the running for director after Obama administration officials became convinced she "could not overcome strong Republican opposition".[12] On July 17, Former Ohio Attorney General and Ohio State Treasurer Richard Cordray was selected over Warren as the head of the entire CFPB.[13] However, his nomination was immediately in jeopardy due to 44 Senate Republicans vowing to derail any nominee in order to encourage a decentralized structure to the organization. Senate Republicans had also shown a pattern of refusing to consider regulatory agency nominees, purportedly as a method of budget cutting.[14] Due to the way the legislation creating the bureau was written, without a Director the agency is not able to write new rules or supervise financial institutions other than banks.[5]
On July 21, Senator Richard Shelby wrote an op‑ed article for the Wall Street Journal affirming continued opposition to a centralized structure, noting that both the Securities Exchange Commission and Federal Deposit Insurance Corporation had executive boards and that the CFPB should be no different. He noted lessons learned from experiences with Fannie Mae and Freddie Mac as support for his argument.[15] Politico interpreted Shelby's statements as saying that Cordray's nomination was "dead on arrival".[16] Republican threats of a filibuster in the Senate to block the nomination in December 2011 led to Senate inaction.
On January 4, 2012, Barack Obama issued a recess appointment to install Cordray as director through the end of 2013; this was highly controversial move as the Senate was technically in pro-forma session, and the possibility existed that the appointment could be challenged in court.[17]
The constitutionality of Cordray's recess appointment came into question due to a January 2013 ruling by the United States Court of Appeals for the District of Columbia Circuit that Obama's appointment of three members to the NLRB (at the same time as Cordray) violated the Constitution.
On July 16, 2013 the Senate confirmed Richard Cordray as director in a 66-34 vote.

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