U.S. PIRG Disappointed Senate Blocks Confirmation of Rich Cordray To Head CFPB, Says “Constituents can ask opponents why.”

Statement of U.S. PIRG Consumer Program Director Ed Mierzwinski

U.S. PIRG

Washington, DC – “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.”
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U.S. PIRG is the federation of state Public Interest Research Groups. State PIRGs are non-profit, non-partisan public interest advocacy groups that take on powerful interests on behalf of their members. On the web at uspirg.org.