Political Quotes

“Mr. President, I wish to express my strong support for the President's nomination of Richard Cordray to be the first Director of the Consumer Financial Protection Bureau, CFPB. Mr. Cordray is an exceptionally well-qualified nominee who deserves an up-or-down vote in the Senate. The opposition to this nomination has nothing to do with Mr. Cordray's credentials and is yet another attempt by Republicans to undermine the CFPB and stop it from cracking down on unscrupulous and fraudulent practices by big banks, credit card companies, payday lenders, and other financial firms. The CFPB was established as part of the Dodd-Frank financial reform legislation that overhauled our banking system. Before the financial crisis, no single agency coordinated Federal consumer protection. Banks and financial companies could choose their own regulator, which enabled them to avoid regulations with real teeth. The failure of Federal agencies to coordinate and the lack of any effective consumer watchdog agency allowed financial firms to pursue deceitful lending practices that hurt American families and caused the worst recession since the Great Depression. The CFPB was created to solve this problem and to make sure that financial markets work for all Americans, not just big business. The CFPB has already begun reviewing many areas of consumer protection law, including mortgage disclosure forms.…”