Washington, DC- On Friday, 43 Senate Republicans pledged to block Richard Cordray, President Obama’s nominee for the Consumer Financial Protection Bureau, until changes are made to weaken the bureau’s power to protect consumers. Today, Oregon’s Senator Jeff Merkley said that was unacceptable.
“The GOP effort to undermine the work of the Consumer Financial Protection Bureau is an attack on America’s families,” Merkley said. “Predatory mortgages and other tricks and traps of the financial system have devastated too many working families. The CFPB was created, with the support of a supermajority of senators, to take on these egregious abuses and ensure that all Americans are protected from unfair and deceptive practices.
“The senators blocking Cordray must ask themselves a fundamental question. Does financial fairness for working families matter? I think it does. Financial fairness is essential for successful families. Financial fairness is a family value.
“Richard Cordray is, by Republicans’ own admission, extremely well qualified. He has run the agency superbly. He should be confirmed without delay.”
The Consumer Financial Protection Bureau was created as part of the Dodd-Frank Wall Street Reform Act. The bill, put into law in July 2010, received 60 votes in the Senate on final passage.