Statement Of Elizabeth Warren On Richard Cordray Appointment To Lead Consumer Financial Protection Bureau
BOSTON, MA -- Below is a statement of consumer advocate Elizabeth Warren on President Obama's appointment of Richard Cordray to lead the Consumer Financial Protection Bureau:
President Obama's decision to overrule the big banks and the Senate Republicans who are protecting them gives consumers a strong ally and advocate in Washington. The President has made an exceptional choice in Richard Cordray as head of the new Consumer Financial Protection Bureau.
Republicans never had any substantive objections to Mr. Cordray, the very qualified former Attorney General of Ohio. Instead, Senate Republicans blocked a confirmation vote for anyone to head up the consumer agency. Instead of implementing the law as written, Senate Republicans tried repeatedly to undermine the agency’s effectiveness and to frustrate efforts to hold the big banks accountable for bringing our economy to its knees.
The President made every effort to present a candidate for a Senate vote, but he was right not to let Senate Republicans block full implementation of the consumer agency. Senate Republicans will surely complain about the recess appointment, but their refusal to allow an up or down vote on Cordray’s nomination is just another example of the political games in Washington that must end.
It’s time the big banks and their allies acknowledge the urgent need for change. It is time to work with Richard Cordray as he promotes basic, common sense rules to level the playing field for consumers.
