The Senate Banking Committee yesterday held its confirmation hearing on former Ohio Attorney General Richard Cordray for a full five-year term as head the Consumer Financial Protection Bureau, with no vote in sight.
The appointment has run into partisan opposition not because of Cordray's qualifications for the job that he's already been doing for more than a year but because Republicans think the bureau has too much power over the economy.Here's an excerpt from Cordray's testimony:
As the economy recovers, we want people to know they now have a new agency standing on their side, looking out for their interests, to help restore their confidence in the consumer financial marketplace. So far, even though our work is still in its early stages, we have been busy addressing some of the most critical problems.
For the largest single consumer financial market the mortgage market, worth trillions of dollars – we have adopted new rules to ensure that the excessive and irresponsible practices that helped precipitate our nation’s financial calamity cannot be repeated. These rules protect people shopping for a loan from being saddled with something they cannot afford. They protect existing homeowners from getting the runaround and being hit with surprises by their mortgage servicers.
Click here for more of Cordray's statement.Ohio U.S. Sen. Sherrod Brown chairs the subcommittee's panel on Financial Institutions and Consumer Protection which has jurisdiction over the CFPB and he introduced Cordray.Brown said,
“Wall Street special interests and their allies in Congress have not expressed concerns about Rich Cordray’s qualifications or his performance during his first year at CFPB–which has received high marks from industry and consumer groups alike. Instead, they have taken the unprecedented action of blocking his nomination simply because they disagree with the existence of the Bureau. It’s critical that we put partisan politics aside and confirm Rich Cordray–consumers deserve a bureau with a confirmed director who can serve as a counterbalance to the Wall Street lobby.”