Uncertainty disappears with Cordray nomination

07/17/2013 | AmericanBanker.com (free registration)

The Supreme Court's decision to take up the issue of recess appointments matters less for Consumer Financial Protection Bureau Director Richard Cordray now that he has been confirmed by the Senate, experts say. "It essentially guts that premise of the issue," says Mark Calabria of the Cato Institute. Arguments about "the constitutionality of his nomination go away. ... Even if the court finds that his appointment was initially invalid, he's able to go back and rubberstamp all the decisions he made."

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