AFR Statement on Nomination of Rich Cordray to Lead the CFPB

July 18, 2011

CONTACT: John Carey at 202-466-1854          

AFR Statement on Announcement of Richard Cordray to Lead the CFPB

Washington, DC
– Americans for Financial Reform, a coalition of more than 250 national and state organizations working together for strong Wall Street reform, issued the following statement today:

Richard Cordray has an excellent and balanced record of service in the public interest and he will make a strong and effective head for the Consumer Bureau.

Professor Warren has done a remarkable service for the American public in conceiving of the Consumer Bureau, and in bringing it to life. Her leadership made possible this major step forward for consumer protection, and she is extraordinarily well qualified to lead it.  But big Wall Street banks, finance industry special interests, and their friends in Congress fought her nomination fiercely.

We are disappointed that President Obama chose not to nominate her.  Wall Street and the opponents of reform must not be allowed to succeed in undermining the Bureau any further, or in preventing it from taking up its full range of responsibilities, including supervising the non bank sector – which it can only do with a Director in place.  The Senate should act quickly to confirm Richard Cordray. And if the 44 Republican Senators who signed a letter saying they would not consider any nominee will not allow an up or down vote, the President should make a recess appointment.