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Big Banks Beware: Cordray Recess Appointment Ensures Wall Street Won’t Run Our Economy

While Senate Republicans Stood For 1%, President Obama Stands Up for 99%

FOR IMMEDIATE RELEASE            CONTACT:  Lauren Weiner, 202.470.5870
January 4, 2012                                                 Jeremy Funk, 202.470.5878         

Washington, DC – This morning President Obama did what Republicans in the Senate refused to do – show leadership on preventing another Wall-Street-created economic crisis by appointing former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau.  Cordray has a powerful record of standing up for the middle class against the big banks, having taken on the likes of Bank of America and Citigroup for their mortgage servicing practices during his tenure as Ohio’s top law enforcement officer.  As head of the Consumer Financial Protection Bureau, Cordray will continue his work ensuring that military families and seniors do not fall victim to the same reckless, casino-style Wall Street scams and abusive financial products and services that precipitated the financial crisis. 

At every twist and turn Republican have attempted delay, defund, or dismantle the Wall Street reforms enacted under President Obama that created the new watchdog agency Cordray will head. Republicans have chosen instead to stand with Wall Street companies and their well-paid lobbyists who have spent as many millions to undermine the new law, and done everything to avoid being held accountable for crashing the economy.

Tom McMahon, Executive Director, Americans United for Change: “By appointing Richard Cordray to head the Consumer Financial Protection Bureau, President Obama has made it clear that he will not let Wall Street make the rules for consumers.  While Senate Republicans stand behind the $125 million that they have received from the financial sector to do their bidding, the President is setting a clear priority – putting the well-being of our entire economy ahead of politics. He has sent a strong message that it is unacceptable for members of our military, students and seniors to be preyed upon by big banks and other deceptive financial institutions. Today is a good day for anyone who’s ever held a credit card, taken out a student loan or tried to finance buying a car, and none of that credit can go to Republicans in Congress.”