WASHINGTON–The Senate Committee on Banking, Housing and Urban Affairs deadlocked in a tie-vote on the nomination of the man named to lead the Consumer Financial Protection Bureau.
The committee split 12-12 along party lines on the nomination of Rohit Chopra to lead the Bureau. Chopra is still likely to be considered in a full vote. Under the rules of the Senate, Majority Leader Chuck Schumer (D-NY) can move for a vote on Chopra’s nomination to the full Senate.
Sen. Pat Toomey (R-PA), the Committee’s ranking Republican, said Chopra, who is a current commissioner at the Federal Trade Commission, did nothing to alleviate his concerns that he will return the CFPB to its stance under President Barack Obama, in which Toomey said it regularly overreached its authority and pursued several illegal enforcement actions.
Chopra, Toomey said, “favors unaccountable regulators with vast powers.”