Cordray Nomination Advances Under Tentative Deal

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July 16 (Bloomberg) -- The U.S. Senate advanced Richard Cordray’s nomination to lead the Consumer Financial Protection Bureau under a compromise announced by Majority Leader Harry Reid, who said officials were working on final details. Peter Cook reports on Bloomberg Television's "Market Makers." (Source: Bloomberg)

Let's take you to peter cook.

We have a deal.

Harry reid announced a short time ago that they have a way forward in dealing with these nominations.

It has caused so much of this agreement in the u.s. senate.

The first evidence of just happen on the floor.

The highly controversial nomination for the project -- protection bureau -- he has run as an acting director.

The agency cleared an obstacle, 71-29. a concrete demonstration of a deal.

Avoiding a larger fight over senate rules that could have bottled up the senate.

This means he is in the job permanently.

This is someone who is already moved on mortgage rules and auto lenders.

He has the full backing of the congress behind him.

It lifts a cloud.

It means the larger fight over the president's nominee appears to be avoided.

They have cleared that hurdle.

The vote could happen as soon as today, perhaps tomorrow.

It looks like he will be the head of this agency.

This is a significant development.

This text has been automatically generated. It may not be 100% accurate.

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