Rep. Scott Garrett (R-NJ), Chairman of the Congressional Constitution Caucus, issued the following statement today after the Senate reached a deal to avert the so-called "nuclear option" leading to the confirmation of Richard Cordray as head of the Consumer Financial Protection Bureau (CFPB).
"While Harry Reid did not end up using the nuclear option, the effect is still practically the same. For the last three years, Republicans have been fighting against the appointment of a CFPB director. By holding the long-standing rules of the Senate hostage, Reid has forced Senate Republicans to advance Cordray's nomination. With its broad authorities, with its vast amount of funding, and with its singularity of leadership, the CFPB is unlike any other regulator. Funded through the Federal Reserve, the CFPB is insulated from congressional oversight despite its hugely negative impact on almost every facet of American business. Senate approval of the CFPB's director was the last and only check Congress had over this unaccountable agency. Unfortunately, today's confirmation was a huge blow for hardworking American job creators."