FOR IMMEDIATE RELEASE: July 17, 2011
CONTACT: CFPB Public Affairs (202) 435-7454
STATEMENT FROM ELIZABETH WARREN ON THE LEADERSHIP OF THE CONSUMER FINANCIAL PROTECTION BUREAU
WASHINGTON – Today, Elizabeth Warren issued the following statement in response to the announcement by the White House that President Obama intends to nominate Richard Cordray as the Director of the Consumer Financial Protection Bureau (CFPB):
“Last year, when President Obama and Secretary Geithner asked me to help them stand up the consumer bureau, I enthusiastically accepted the position and got to work because I believe firmly that the CFPB can make the consumer finance markets work better for American families – eliminating fine print, making costs, benefits, and risk clearer, and holding those who break the law accountable. In the time since, we have been hard at work building an agency to do just that.
“Today, the President announced his intent to nominate Richard Cordray to serve as the first Director of the CFPB. Rich has a proven track record of fighting for families during his time as head of the CFPB enforcement division, as Attorney General of Ohio, and throughout his career. He was one of the first senior executives I recruited for the agency, and his hard work and deep commitment make it clear that he can make many important contributions in leading this agency. He will make a stellar director. I am very pleased for Rich and very pleased for the CFPB.
“In May, forty-four Republican Senators wrote a letter saying that they will block anyone from serving as CFPB Director. Many of them don’t like either the agency or the ideas that led to its creation. They lost that fight last summer in a straight up vote, but they have said they will use a filibuster over nomination to undercut the agency and its effectiveness.
“I remain hopeful that those who want to cripple this consumer bureau will think again and remember that the financial crisis – and the recession and job losses that it sparked – began one lousy mortgage at a time. I also hope that when those Senators next go home, they ask their constituents how they feel about fine print, about signing contracts with terms that are incomprehensible, and about learning the true costs of a financial transaction only later when fees are piled on or interest rates are reset. I hope they will ask the people in their districts if they are opposed to an agency that is working to make prices clear or if they think budgets should be cut for an agency that is trying to make sure that trillion-dollar banks follow the law. I hope they will ask their constituents if they are opposed to the confirmation of someone who saved $2 billion for retirees, investors, and business owners as Ohio Attorney General and who has worked hard on the front lines fighting against fraudulent foreclosures and abusive lending practices.
“Partisanship may be the most important thing in Washington, but in the rest of the country, people expect their public servants to work together to learn from past regulatory failures and to put our energy into solving problems, not scoring political points. In visiting with people and business leaders across the country – including community bankers and credit unions in all 50 states – I see a real eagerness to move forward, to work together to repair a broken credit market. I hope that Republicans in the Senate take notice and stop their fight to preserve a regulatory system that failed us.
“Prior to the passage of the Dodd-Frank Act, the President and I fought side by side to make the new agency possible. And, if we need to, I know we will continue to fight side by side, to keep it strong and independent and to make sure it has the tools it needs to serve the American people.”