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Senate Banking Committee to Vote on Consumer Protection Nomination

Today, the Senate Banking committee is scheduled to vote on the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau. While his nomination is expected to pass in the Democratic-led committee, he will likely face opposition from the committee’s 10 Republican members.

Every Republican member of the committee signed a letter to President Obama stating that they would oppose any nominee to head the agency unless major changes were made to weaken its ability to protect consumers.

The Chronicles of Money, Politics, and The $41 Million Question

Here's a recap of Public Campaign and Public Campaign Action Fund's (PCAF) work from September 26 through September 30, 2011.

Will They Stand With the Banks or Consumers?

On Tuesday, the Senate Banking committee will hold a nomination hearing for Richard Cordray, the man selected by President Obama to lead the Consumer Financial Protection Bureau (CFPB).

Sen. Richard Shelby (R-Ala.), the ranking Republican on the committee, said Cordray’s nomination was “dead on arrival” unless concessions were made to weaken the agency’s ability to hold Wall Street banks accountable.

Sen. Shelby has received significant support from Wall Street donors during his time in Congress.

The "Big Four" Banks Have Spent More Than $170 Million Since 2000 Influencing Politicians

A Huffington Post story today details the huge amount of campaign cash and lobbying expenses that have been doled out by the "Big Four" banks since 2000. The CEO's of the banks are appearing before the Financial Crisis Inquiry Commission today to discuss the financial industry collapse.