There's no telling what will happen to the president's nomination of Richard Cordray to lead the Consumer Financial Protection Bureau for the next few years, but the director did manage to make it passed one obstacle this week.
Bloomberg (below) reports that in a closed hearing, the Senate Banking Committee approved Cordray's nomination, but hurdles remain:
The U.S. Senate Banking Committee approved the nomination of Richard Cordray to head the Consumer Financial Protection Bureau in a party-line vote that reflected the remaining obstacle to his confirmation effort, Bloomberg reported.
Today’s 12-10 vote saw all of the panel’s Democrats back Cordray 53, while Republicans unanimously opposed him.
Despite the committee approval, President Barack Obama’s second nomination of Cordray, the former Ohio attorney general can’t be confirmed unless Senate Republicans and Democrats can overcome a deadlock that has prevented a full-Senate vote.