Hoyer Statement on Nomination of Richard Cordray as Director of the Consumer Financial Protection Bureau

For Immediate Release:

July 18, 2011

Contact:

Katie Grant, 202-225-3130

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today after President Obama nominated Richard Cordray as the Director of the Consumer Financial Protection Bureau:

“I welcome President Obama’s nomination of Richard Cordray as the Director of the Consumer Financial Protection Bureau. As Attorney General of Ohio and the head of the Bureau’s enforcement arm, Richard Cordray has built a strong record of standing up for the middle class. The Consumer Financial Protection Bureau was created to bring fairness to the financial services on which millions of Americans rely, and to prevent a recurrence of a financial crisis caused by Wall Street recklessness and lax regulation.

“In 2008, just such a crisis destroyed millions of jobs and threw millions of Americans’ savings, retirements, and futures into doubt. Now, when we are still feeling the effects of that crisis, it is deeply disturbing that Republicans are fighting to undermine Wall Street reform, dismantle consumer protections, and leave America open to another job-destroying financial meltdown. I am confident that the new Director of the Consumer Financial Protection Bureau will defend and faithfully execute its important mission. I also want to thank Elizabeth Warren for her farsighted work in conceiving and setting up our country’s much-needed consumer protections. I am grateful for her service and her commitment to fair play for our middle class.”

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