Commentary and musings on the complex, fascinating and peculiar world that is securities regulation
Friday, February 03, 2012
Republican Senators Will File an Amicus Brief in Court Challenge to Cordray Recess Appointment as CFPB Director
Thirty-nine Republican Senators have signed a letter indicating their intent to file an amicus brief and join a court challenge to the recent recess appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau. In the letter, the Senators, including Senate Minority Leader Mitch McConnell (R-KY), said that President Obama’s January 4, 2012 recess appointments of individuals to lead the Consumer Financial Protection Bureau and National Labor Relations Board were unprecedented and unconstitutional. A number of Ranking Members also signed the letter, including Senator Orrin Hatch of the Finance Committee (R-Utah), Senator Charles Grassley (R-Iowa) of the Judiciary Committee, Senator Susan Collins (R-Maine) of the Homeland Security and Governmental Affairs Committee, Senator John McCain (R-AZ) of the Armed Services Committee, and Senator Richard Lugar (R-IN)of the Foreign Relations Committee.