Today, Congressman Tim Ryan released the following statement in response to President Obama's appointment of former Ohio Attorney General, Richard Cordray, to head the Consumer Financial Protection Bureau.
"Republicans and Democrats both agree that Rich Cordray is a tireless advocate of justice with an exceptional legal background," said Congressman Ryan. "Unfortunately, Republicans have sided with Wall Street to block not just Rich's nomination, but any nominee, to head the Consumer Financial Protection Bureau because they are intent on weakening the Bureau's ability to police some of the worst practices of pay day lenders, debt collectors, and others. After record foreclosures, bankruptcies, and the greatest economic collapse since the Great Depression, I'd have hoped my tea party colleagues would have shown a greater willingness to allow someone as well qualified as Rich to get to work.
However, today the President took a bold step to protect American consumers by standing up against Republican obstruction and appointing Rich as the Director of the Consumer Financial Protection Bureau in Congress' absence. I'm certain that Rich will act with the same fairness and transparency he displayed in Ohio as Attorney General as he takes on his new job at the CFPB to safeguard American consumers."