December, 08 2011, 10:48am EDT
U.S. PIRG Disappointed Senate Blocks Confirmation of Rich Cordray To Head CFPB, Says "Constituents Can Ask Opponents Why."
"Today, despite strong support from diverse organizations and leaders seeking to protect consumers, veterans, students and older Americans from financial tricks and traps, the Senate failed to confirm the well-qualified nominee, Rich Cordray, to head the new Consumer Financial Protection Bureau. Without a director, the CFPB remains a second-class regulator without full authority over either the Wall Street banks that destroyed the economy or the payday lenders seeking to pick consumer pockets.
WASHINGTON
"Today, despite strong support from diverse organizations and leaders seeking to protect consumers, veterans, students and older Americans from financial tricks and traps, the Senate failed to confirm the well-qualified nominee, Rich Cordray, to head the new Consumer Financial Protection Bureau. Without a director, the CFPB remains a second-class regulator without full authority over either the Wall Street banks that destroyed the economy or the payday lenders seeking to pick consumer pockets. Opponents make the false claim that the CFPB is an unaccountable "monster" even though its structure, independence and funding are no different than those of other regulators. Opponents want it killed, not changed. Those Senators chose to vote to protect Wall Street instead of protecting hard-working consumers. They're now on record and their constituents can ask them why they opposed the nation's first financial regulator with only one job, protecting consumers."
U.S. PIRG, the federation of state Public Interest Research Groups (PIRGs), stands up to powerful special interests on behalf of the American public, working to win concrete results for our health and our well-being. With a strong network of researchers, advocates, organizers and students in state capitols across the country, we take on the special interests on issues, such as product safety,political corruption, prescription drugs and voting rights,where these interests stand in the way of reform and progress.
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According to the CBD:
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