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Oversight Committee Chairman Darrell Issa, R-Calif., asked whether the agency has made plans for what to do it Cordray's nomination is invalidated by a legal appeal. "We have to carry out the intent of that law," Cordray replied. "Either we do or we don't. It seems to me that the right answer is that we do." Senate Republicans had refused to confirm Cordray because many opposed the creation of the agency. They wanted it run by a bipartisan commission and pledged to block any nominee until the powers of the director were reduced. Officials from the team that set up the agency, including Elizabeth Warren, now running for Senate from Massachusetts, had testified before Congress 11 times since the agency was created under the financial overhaul law in July 2010.
[Associated
Press;
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