The Senate Committee has re-scheduled the confirmation hearing of Richard Cordray from August 4 until September 6 from 2:00-4:00 p.m. It also appears unlikely at this point that President Obama will be able to install Cordray as Director through a recess appointment. On Monday, the House leaders announced that the House will be holding pro forma sessions (sessions without any business being conducted) during August. Article I, Section 5 of the Constitution provides that neither the House nor Senate may adjourn for more than three days without the other’s consent. It is clear that the House will not consent to a Senate adjournment. As I pointed out in my blog post on July 29, the Senate hearing for Cordray seems to be an exercise in futility since the Republicans have vowed not to approve any Presidential appointment for Director of the CFPB. As a result, the CFPB will operate without a Director for an indefinite period of time.
