President Obamas nominee to head the new Consumer Financial Protection Bureau passed his first Congressional gauntlet last week, gaining the approval of the Senate Banking, Housing and Urban Affairs Committee, in spite of unanimous opposition from Republicans on the committee, who are more opposed to the CFPB than they are about whoever is nominated to run it. Late last week, the committee voted to send the nomination of Richard Cordray, currently the head of the agencys enforcement division, to the full Senate on a straight party line vote 12-10. Todays Banking Committee vote on Richard Cordray is an important step forward for American consumers, said Chairman Tim Johnson, D-SD. The Consumer Financial Protection Bureau needs a director, and Mr. Cordray has proven he is qualified for the job. He should be confirmed by the full Senate as soon as possible.