How Does The Senate Vote Affect The CFPB?

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As expected, the U.S. Senate voted down President Barack Obama's nomination of Richard Cordray as the director of the new Consumer Financial Protection Bureau (CFPB) yesterday.

Despite a concerted lobbying effort by the White House over the past week, 53 senators voted to approve Mr. Cordray and 45 voted against his nomination, well short of the 60 members required to confirm him as director.

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