Rep. Maloney Statement on President’s Recess Appointment of Cordray to Lead Consumer Financial Protection Bureau
New York, NY – U.S. Rep. Carolyn Maloney (D-NY), a senior member of the House Financial Services Committee and a strong supporter of the Consumer Financial Protection Bureau (CFPB), released the following statement today on President Obama’s recess appointment of former Ohio Attorney General Richard Cordray to lead the CFPB:
“The President made the right call by refusing to give in to Republicans who were holding Mr. Cordray’s nomination hostage in an attempt to defang America’s consumer watchdog agency. With Mr. Cordray at the helm, the CFPB can fully begin making financial transactions fairer, more honest, and more transparent for the American consumer -- and helping prevent the kind of financial crisis that caused the Great Recession. Only in the most polarized political environment could those goals be considered controversial.
“The CFPB has been up and running for months, but without a director, it hasn’t been able to exercise the full range of authority granted to it under the Dodd-Frank law. I wish Mr. Cordray, an eminently well-qualified nominee, the very best in his new position.”