Chairman Cleaver’s Statement on President Obama’s Appointment of Richard Cordray to Head the Consumer Financial Protection Bureau

Washington, DC - Today, Chairman Emanuel Cleaver, II released the following statement on President Obama’s appointment of Richard Cordray to head the Consumer Financial Protection Bureau:

 

“I am pleased President Obama has taken the authority to protect hard working American families with the appointment of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB). Mr. Cordray brings a wealth of knowledge and a strong record of commitment to protecting American consumers, homeowners, investors and small businesses. His appointment will ensure that the CFPB is fully operational and consumers rights remain protected. Members of the Congressional Black Caucus worked tirelessly on The Dodd – Frank Wall Street and Consumer  Protection Act of 2010, which created CFPB.  CFPB was created to eliminate the unfair, deceptive, and abusive acts or practices of financial institutions that were most harmful to American families. CBC Members also encouraged the President and Senate Leadership to appoint Mr. Cordray. President Obama’s action today puts the American people first, especially those in our most vulnerable communities. For months, Senate Republicans have stifled the confirmation process and made it clear that they will block Mr. Cordray or any other nominee—regardless of qualifications. The American people deserve better. We can no longer wait to protect the American people from the excesses and abuses that led to the financial crisis that many African American families are working to recover from. Well done, Mr. President.”

 

-Chairman Emanuel Cleaver, II