OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Statement on Consumer Financial Protection Bureau Vote

Statement

Date: Dec. 8, 2011
Location: Washington, DC
Issues: Executive Branch

U.S. Sen. Rob Portman (R-Ohio) today issued the following statement on his vote against ending debate on Rich Cordray's nomination to head the Consumer Financial Protection Bureau (CFPB):

"When I was first elected, long before former Ohio Attorney General Rich Cordray was nominated to be CFPB Director, I expressed my strong concerns about the impact this new regulator would have on all of us as consumers, on job creation, and on our economy, and recommended some common sense reforms. Because the appointment of a director activates major new powers of the Bureau to regulate everyday consumer transactions and Main Street businesses, I believed it was critical that these reforms occur before confirmation. Despite my raising these concerns with the White House, they have been unwilling to engage with me or others to try to address them.

"The CFPB has vast power to limit consumer choices on everything from buying a first home, to paying for a college education. No other federal regulator has so much authority over personal economic decisions, with so little responsibility to answer to the American people and their elected representatives.

"These reforms would give the American people the ability to have a say in what this powerful Bureau does, similar to the accountability of other regulators. First, the CFPB shouldn't get its money automatically through the Federal Reserve but through the normal appropriations process as a check on how the Bureau spends its allotted $500 million a year. Second, the director should be accountable to the President or there should be a multi-member board to run the agency to bring some balance. Third, federal bank regulators like the FDIC should have a simple check to prevent CFPB regulation from causing bank failures that will hurt consumers.

"This is not about Rich Cordray, who I believe is a good public servant. It is regrettable that the White House has refused to compromise on reforming the CFPB, so he can be confirmed to lead this agency."


Source
arrow_upward