Tell Your Senators: Confirm Richard Cordray to Lead the Consumer Financial Protection Bureau
President Obama nominated Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB).
It is disappointing that the president didn’t pick Elizabeth Warren.
But it is heartening that Elizabeth Warren picked Richard Cordray.
Warren chose Cordray, a former Ohio State Attorney General, to be in charge of the new consumer protection agency’s enforcement division. She did so because of his history of standing up for consumers and winning against Wall Street and big banks when they try to rip off their customers.
The new Consumer Financial Protection Bureau is just beginning its work. But, until a confirmed director is in place, the agency won’t be able to do its job nearly as effectively or aggressively as is necessary to thwart future financial catastrophes. By law the agency does not gain some of its authority until a director is in place.
Tell your senators: Confirm Richard Cordray.