Ellison Statement On President Obama's Appointment Of Richard Cordray To Lead Consumer Financial Protection Agency (CFPB)

Statement

Rep. Keith Ellison (MN-05) released the following statement after President Obama announced the recess appointment of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB):

"President Obama today stood up to the radical Republicans in Congress in appointing Richard Cordray. For more than six months, Republicans have blocked Cordray's appointment not because of his record, but because they object to consumer protections that rein in the corporate excesses that have hurt the middle class. President Obama has shown once again that if Republicans won't help fix our economy, Democrats will move forward to do the right thing.

"Cordray's appointment means that Minnesotans will be protected from abuses by financial companies. Mortgage lenders will find it tougher to charge the excessive fees that pushed millions of people into foreclosure.

"As Ohio's Attorney General, Cordray proved that he is up to the task. He pursued credit ratings agencies that gave AAA ratings to junk debt and cheated the state, he prosecuted companies that scammed elderly homeowners with contracting gimmicks, and he secured more than $700 million in settlements from A.I.G.

"Wall Street CEO's have lobbyists looking out for them; the American consumer now has a watchdog too."

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