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Will Senators Bankrolled by Wall Street Also Grill Bank-Friendly Mary Jo White?

Submitted by Kurt Walters on Tue, 03/12/2013 - 14:26

Written by: Tam Doan, Research Director

Today, as the Senate banking committee considers the long-contested nomination of Richard Cordray to head the Consumer Financial Protection Bureau, Cordray will face eight senators who vowed recently to block his reappointment—or the appointment of anyone else to the post until the bureau has been weakened.

These eight senators have taken at least $25.7 million in financial sector campaign cash over their careers, according to Public Campaign analysis of data from the Center for Responsive Politics. Sen. Richard Shelby has taken the most among the eight ($6.4 million) and ranks among the top current Congressional recipients. Sen. Bob Corker (R-Tenn.), who did not sign the letter but is looking at legislation to “boost the bureau’s accountability,” has taken $6.5 million from the sector.

Will the senators who took industry cash and want to weaken the consumer protection agency also ask tough questions of the second nominee before them today, Mary Jo White? White’s revolving door career took her from public sector prosecutor to a lucrative career defending high-profile banking clients. Will the senators raise questions around conflict of interest and close ties to the industry she would be regulating, or will this friend of the banks enjoy an easy ride to confirmation?

  • Bob Corker
  • CFPB
  • Mary Jo White
  • Richard Cordray
  • Richard Shelby
  • Wall Street
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