Lawmakers officially put an end to a gridlocked debate that has been stalling the official vote on Richard Cordray’s nomination to lead the Consumer Financial Protection Bureau, according to a statement from Senate Banking Committee Chairman Tim Johnson.
Cordray’s nomination captured more headlines Monday when Sen. Harry Reid, D-NV, threatened to invoke the so-called "nuclear option"—an attempt to change the voting threshold to block a Republican filibuster of the Cordray nomination.
In executive session, the Senators managed to reach an agreement, allowing the Cordray vote to progress to the floor for a vote.
"This is a win for the American people, and Majority Leader Reid should be commended for taking a principled stand in support of consumer protection," wrote Sen. Johnson. "Rich Cordray is finally getting the up-or-down vote he deserves. Rich has proven to be effective leader and I have no doubt he will now be confirmed."
A vote on the Cordray nomination is expected to occur within the next 8 hours.
David Stevens, CEO of the Mortgage Bankers Association, released a statement saying the MBA expects Richard Cordray will be confirmed by the U.S. Senate as CFPB director.
"This vote is part of a negotiation that avoided the nuclear option that was threatened by the Majority leader of the Senate," Stevens pointed out in a note to constituents.