Elizabeth Warren: “I rise today to recognize my friend and my former colleague, Rich Cordray. Rich's career demonstrates public service at…”

“I rise today to recognize my friend and my former colleague, Rich Cordray. Rich's career demonstrates public service at its very best. Nearly 14 years ago, I picked up the phone and made one of the smartest phone calls I have ever made. It was to Rich Cordray. I asked him to take a chance on me to join me in starting a new Federal Agency. That just-getting-started Agency turned out to be the Consumer Financial Protection Bureau. Rich was finishing up his term as attorney general for the State of Ohio. As AG, he had earned a strong reputation for being the kind of public servant who looks out for the little guy. He was in multiple battles, and he led major lawsuits against both Bank of America and AIG. Protecting consumers seemed to be in his blood, so it was a natural fit for Rich to take charge of the enforcement arm of the CFPB. Establishing the CFPB was a huge task. Critics said the new consumer Agency was a pipe dream. Republicans said that it would never get through Congress. Armies of lobbyists poured millions of dollars into opposing it. But none of that fazed Rich at all. He always stayed level, calm, and absolutely determined. He did the work needed to bring that Agency to life because that is just who he is. Rich's courage and determination paid off. On July 18, 2011--a day I will never forget--I stood beside President Obama in the Rose Garden as he announced Rich Cordray as his nominee to be the first official Director of the CFPB.…”