Congresswoman Waters' Applauds President Obama's Recess Appointment Of Consumer Financial Protection Bureau Director

Congresswoman Maxine Waters (CA-35) today released the following statement regarding President Obama's recess appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau:

"I applaud President Obama for today using his executive power to overcome Republican obstructionism and appoint Richard Cordray, the former Attorney General of Ohio, as Director of the Consumer Financial Protection Bureau (CFPB).

The recent financial crisis demonstrated that strong protections against predatory financial products were needed to empower consumers, and prevent a continuation of the unsound lending practices that led to the 2008 subprime meltdown.

That's why, under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Democrats in the U.S. House of Representatives and Senate worked with President Obama, and advocates like Elizabeth Warren, to create the CFPB, an agency whose sole mission is to protect consumers from abuses by banks and by non-bank financial institutions like payday lenders, check cashers, non-bank mortgage originators and debt collectors.

I was proud to serve on the conference committee that created Dodd-Frank, and have been increasingly frustrated by Senate Republicans' attempts to subvert the legislation by blocking a vote on the nomination of Mr. Cordray.

No one has disputed Mr. Cordray's expertise in consumer protection or his qualifications to head the CFPB. What's clear is that Senate Republicans have blocked a vote on his nomination simply because they oppose the creation of the CFPB. In fact, in addition to Senate filibusters against Mr. Cordray, Republicans in the House of Representatives have passed legislation to gut the CFPB and strip it of key powers that help consumers.

Middle-class families, seniors, students and veterans deserve clear rules of the road when they're in the market for financial products like credit cards or home loans. The CFPB, with its new director Mr. Cordray, will prevent a continuation of the practices that led to the destruction of trillions of dollars of wealth and the worst financial crisis since the Great Depression.

I applaud President Obama for standing up for the middle-class and using his recess appointment power to name Mr. Cordray as Director of the CFPB. I will continue to defend the CFPB against Republican attacks that seek to limit both the CFPB's powers and its funding."