“President Obama nominated a fair, intelligent, and well-qualified nominee in Richard Cordray, and he deserved an up or down vote in the Senate -- and still does,” Johnson said in an e-mailed statement.

Republican Opposition

Republicans have signaled that their position on Cordray hasn’t changed, that they oppose a vote on his nomination because its director has too much power. They would prefer the bureau be led by a five-member bipartisan commission. They also object to the bureau being funded by the Federal Reserve, preferring that the bureau’s budget be subject to the usual appropriations process so Congress can decide how to fund it.

The Senate Banking Committee’s top Republican, Mike Crapo of Idaho, said in a statement on Jan. 24 that “until key structural changes are made to the bureau to ensure accountability and transparency, I will continue my opposition to any nominee for director.”

Cordray, 53, can be confirmed by a majority vote, but to call the vote on the Senate floor, Democrats need 60 votes. Since the chamber’s Democratic caucus has 55 members, Democrats need five Republicans to break ranks just to let a vote proceed.

Republicans ‘Energized’

Prospects of that currently look dim. A group of 43 Republicans led by Senate Minority Leader Mitch McConnell of Kentucky said in a letter on Feb. 1 that they would continue to oppose confirmation of any nominee until “key changes are made to ensure accountability and transparency at the bureau.”

“Republicans have been energized on this issue,” said Joseph Engelhard, a former Treasury official who is now senior vice president at Capital Alpha Partners LLC, an investment advisory firm. “I could see Cordray not getting confirmed.”

Republicans have taken steps to press their advantage. Senator Jerry Moran, a Kansas Republican, introduced a bill Feb. 1 that would change the bureau into a commission and subject it to congressional appropriations. Other Republicans are working on similar legislative proposals.

Richard Hunt, president of the Consumer Bankers Association, said that perhaps no lawmaker other than Warren would have the credibility to cut a deal.