After more than two years of uncertainty, the Senate confirmed Richard Cordray as director of the Consumer Financial Protection Bureau.
His confirmation was secured in a 66-to-34 vote in the U.S. Senate.
The Senate voted to advance the nomination of Cordray to the floor after an intense debate, clearing the path that allowed for his confirmation.
The decision to confirm Cordray resolves prolonged questions about the legality of the CFPB and ultimately represents a win for Democrats who have fully supported the decision to solidify the director's position as he heads into 2014—one of the bureau's busiest years in terms of all the new rules hitting the marketplace.
Additionally, the confirmation by the Senate congeals the Bureau’s ability to regulate nonbank financial firms such as payday lenders.
Support was echoed on Capitol Hill from various policymakers, including Elizabeth Warren, D-Mass., who said Cordray finally received the confirmation he deserves.
"Director Cordray has won praise from consumer and industry groups, and from Republicans and Democrats, for his fair and effective approach. With Director Cordray's confirmation, we will be able to say loudly, clearly, and with confidence: the consumer agency is the law of the land and is here to stay," Warren said.
She added, "We fought hard for the agency, and we proved that big change is still possible in Washington. Now we have the watchdog that the American people deserve – a watchdog looking out for middle class families, getting rid of tricks, traps, and fine print, and holding financial institutions accountable when they break the law."
On a similar note, Jeff Merkley, D-OR, believes Cordray's nomination means "real things for real people."
"Today’s deal is a step forward in making our government work better and be more responsive to the people, Merkley stated.
He conclduded, "With Cordray’s confirmation, we will have a cop on the beat to protect American families from shady practices on Wall Street."
