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Topics: CFPB

Republicans gave up everything in fight over Richard Cordray, got nothing in return

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Beltway Confidential,Republican Party,Ashe Schow,CFPB,Richard Cordray

Republicans who brokered a deal to get Richard Cordray, President Obama's nominee to head the Consumer Financial Protection Bureau, got a bum deal, it seems. Sen. Rob Portman, R-Pa., one of the Republicans who brokered the deal, said that Cordray received Republican support because he agreed to testify before the Senate Appropriations Committee and implement a cost-benefit analysis of CFPB regulations.

Here's the thing: The appropriations committee has no jurisdiction over the CFPB because the agency is funded by the Federal Reserve. Also, a CFPB spokeswoman would not confirm to Roll Call that Cordray agreed to the cost-benefit analysis.

So Cordray gave Republicans absolutely nothing, and in return Republicans unleashed unaccountable bureaucrats on American businesses. Check.

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