No Consumer Advocate Need Apply: GOP Blocks Consumer Financial Protection Head Just Because
Dec. 8th 2011
Senate Republicans Stand For 1%
Washington, DC – This morning Republicans in the U.S. Senate blocked the nomination of former Ohio Attorney General Richard Cordray to head of the Consumer Financial Protection Bureau, despite having admitted his eminent qualifications, revealing their true stripes – they stand with big banks that are doing everything to avoid being held accountable for crashing the economy and costing our country millions of jobs, and against consumers just trying to keep our heads above water.
Republican have done everything in their power to delay, defund, or dismantle the new Wall Street reforms that created the new watchdog, and Wall Street companies and their well-paid lobbyists have spent as many millions to undermine the new law as they did to block it.
Tom McMahon, Executive Director, Americans United for Change: “Let’s be clear – this isn’t about the overwhelming qualified Richard Cordray. This about the Republicans doing the banks bidding by standing with them and against the 99%. It’s about the students and members of our Armed Forces who are preyed upon. It’s about the more than $125 million that Republican Senators have received from the financial sector to do their bidding. This unbelievably selfish act on the part of Republicans continues to expose all of us to the tricks and traps of big banks and credit card companies. We can’t afford any more delays in putting in place a strong consumer watchdog looking out for all of us. When will the Republicans learn that kowtowing to the big banks will do nothing but continue to expose our economy to even more risk?”