Congresswoman Joyce Beatty (OH-03) released the following statement addressing House Financial Services Committee Chairman Hensarling's decision to prohibit CFPB Director Cordray's semi-annual testimony in House Financial Services Committee.
House Financial Services Chairman Hensarling has determined that he will prohibit CFPB Chairman Richard Cordray from delivering his semi-annual mandated testimony due to his assumption of the legality of is appointment.
"I strongly disagree with the Chairman's legal assumption that Director Cordray's testimony should not heard before the committee. After more than 15 months of service to the American public, no court has found the Director's appointment to be in any way unconstitutional, and failing to permit his testimony does not, in any sense, serve the public interest."
The CFPB Director is statutorily mandated to deliver semi-annual testimony updating members on the activities of the bureau.
"Consumers and stakeholders alike should be afforded the opportunity to hear Director Cordray's testimony on the bureau's activities and have their questions answered. I have known Director Cordray for many years and respect his credentials and creditability on financial matters. He has been fair and opened-minded, and is willing to consider both sides of the issues as the Bureau's Director."
Ranking member Waters has called on the Committee Chairman to reconsider his position on scheduling a hearing in the coming weeks.
"I stand with Ranking Member Waters in her call to the Chairman to permit Mr. Cordray's important testimony before the Committee."
Congresswoman Joyce Beatty represents the 3rd Congressional District of Ohio that is wholly contained within Franklin County and includes Ohio's capital, Columbus. Beatty served as co-chair of Ohio Financial Literacy Implementation Council with CFPB Director Richard Cordray when he served as Ohio Treasurer of State.