US Senate panel questions former Ohio AG Cordray

2:22 PM, Mar 12, 2013   |    comments
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WASHINGTON -- Former Ohio Attorney General Richard Cordray has fielded questions from a U.S. Senate panel considering his re-nomination to head the Consumer Financial Protection Bureau.

Whether Cordray will be confirmed remains uncertain. Wall Street interests and Republicans in Congress fiercely opposed the agency created to defend consumer rights as part of the 2010 overhaul of the nation's financial regulations.

On Tuesday, Republicans reminded Cordray that they want to see his powers as director of the agency curbed.

Cordray said he was open to working with Congress on making the agency more open and accountable but didn't engage on the issue of its powers.

President Barack Obama resorted to a recess appointment last year to circumvent the Republicans and install Cordray as agency director.

The appointment expires at year's end.

Associated Press

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