Pelosi Statement on Nomination of Richard Cordray as Director of the Consumer Financial Protection Bureau
Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today after President Obama announced the nomination of Richard Cordray as the Director of the Consumer Financial Protection Bureau:
“Richard Cordray has spent his career fighting for the middle class in Ohio and nationwide; as the Director of the Consumer Financial Protection Bureau, he will be a strong advocate for consumers, for Main Street, and for America’s middle class. I applaud President Obama’s nomination and echo his call for Richard Cordray’s swift confirmation.
“The country will long owe a debt of gratitude to Elizabeth Warren – a thoughtful, committed leader who always put families first, who helped get the bureau started, and whose vision, passion, and energy drove its creation. Thanks to her work, our financial system is well on its way to working for – not against – America’s middle class.
“Millions of Americans on Main Street lost their jobs, homes, life savings, and pensions because of the recklessness of some on Wall Street. Yet, nearly one year after Democrats passed and President Obama signed the Wall Street Reform and Consumer Protection Act into law, Republicans continue their relentless pursuit to undermine and weaken its vital reforms, siding with big banks over consumers and American families. At every turn, Republicans have tried to delay and defund the parts of the law that protect consumers the most. Democrats will not let them succeed; we need a strong cop on the beat to ensure that credit cards, mortgages, student loans, and other financial services are clear, transparent, and fair to all Americans.
“With Richard Cordray at the helm of the Consumer Financial Protection Bureau, we will fight to ensure that this law achieves its goals: strengthening our economy, protecting consumers on Main Street, and bringing transparency, accountability, and commonsense reforms to the way Wall Street does business.”
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