Congressman Gregory W. Meeks (NY-6), Senior Member of the House Financial Services Committee, released the following statement on President Obama's decision to recess appoint Richard Cordray to head the Consumer Financial Protection Bureau:
"I fully support the President's recess appointment of Richard Cordray to the new Consumer Financial Protection Bureau. As a former state attorney general and its current Director of Enforcement, Mr. Cordray is eminently qualified to head the CFPB."
"In the year and a half since Congress created the CFPB, Republicans have engaged in systematic obstructionism to prevent the new Bureau from having the powers to protect Americans from unscrupulous and predatory lending practices. With a director now in place, the Bureau can finally issue rules to strengthen disclosure and enhance transparency."
"Despite the complaints made by many of my Republican colleagues, a strong consumer protection agency will not and should not hurt those members of the financial services industry who currently adhere to existing state and federal regulations. Rather, a strong CFPB will serve to help both consumers and industry members alike by cracking down on those entities that have been operating outside of the law for far too long, thus creating a fair, competitive, and transparent marketplace. Empowering the CFPB signifies a great stride in our financial regulatory process as we will now have the ability to efficiently regulate all financial products on one level playing field."
"I congratulate the President on making this very important appointment for American consumers."