Financial Services Committee Chairman Jeb Hensarling today issued the following statement on President Obama's nominations for Chairman of the Securities and Exchange Commission (SEC) and for Director of the Consumer Financial Protection Bureau (CFPB):
"I congratulate Mary Jo White on her nomination and will be particularly interested to learn during her confirmation hearings how quickly she plans to finish the SEC's delayed work on the bipartisan JOBS Act that Congress passed almost a year ago. The JOBS Act is key to creating a healthier economy, yet the SEC appears to be slow-walking its implementation.
"President Obama's alleged recess appointment of Mr. Cordray last year was, at best, a highly controversial and legally questionable maneuver. The Dodd-Frank Act places vast, unprecedented and unchecked power completely in the hands of a single person. The CFPB director has the power to decide whether American families can obtain a mortgage, get a car loan or even get a credit card. My hope is that the decision to renominate Mr. Cordray will open the debate about whether some common sense checks and balances will be placed on a massive bureaucracy that is now totally unaccountable to the American people."