Today, Congressman Patrick McHenry (NC-10), Chairman of the Oversight Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, issued the following remarks in response to President Obama's appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau:
"The President should stop allowing his Chicago political campaign to make his Washington policy decisions. The unprecedented appointment of Mr. Cordray runs counter to the constitutional requirements for a recess appointment and Obama's own campaign pledge to run "the most transparent administration in history.' There are legitimate policy concerns about the structure of the CFPB. They can be reconciled, but the President refuses to even have the conversation.
"The enormous authority put in the hands of a single director for the CFPB must be accompanied by appropriate congressional oversight. Accordingly, I wrote Mr. Cordray today requesting that he live up to his promise of transparency and testify before my subcommittee on January 24th."