President Obama's financial regulator nominees went before the Senate Banking Committee Tuesday for consideration to lead the Bureau of Consumer Financial Protection (CFPB) and the the Securities and Exchange Commission (SEC).
Former U.S. Attorney Mary Jo White was nominated by the President in late January to be SEC chairman. As the Washington Post reports "some of the tougher questions are expected to come from Democrats concerned about her close ties to Wall Street. Given her distinguishedlegal career defending some of Wall Street’s biggest names, Democrats want assurances that these relationships won’t interfere with White’s resolve or ability to effectively police corporate America."
Also before the Committee was the renomination of Richard Cordray to lead the CFPB which he is directing under a recess appointment. President Obama nominated Cordray in July 2011, just a few days before the agency’s official operational beginning, but opposition from Senate Republicans led the president to use the power of recess appointments to install Cordray as director.