Sen. Alexander admits he’d reject “anybody” to be the top cop on Wall Street
December 12, 2011
No Consumer Advocate Need Apply:
Sen. Lamar Alexander admits “nothing wrong” with Richard Cordray’s qualifications to be the Top Cop on Wall Street … after blocking him
After taking $5.1 million from Wall Street, Alexander Vows to reject “anybody” until the new Wall Street watchdog agency’s teeth are removed
Watch it here, from WATE-TV-Knoxville yesterday:
HERE’S WHAT YOU NEED TO KNOW….
Ø The Consumer Financial Protection Agency, passed into law last year the Wall Street Reform and Consumer Protection Act, is a consumer watchdog on Wall Street charged with protecting all Americans against abuses by banks and financial companies like mortgage lenders and payday lenders -- the same kind of abuses that led to the financial crisis in 2008, wiped out trillions of dollars in savings and cost millions of Americans their jobs. Without a Director, the new agency is not able to fully do its job protecting consumers. But Senator Alexander joined his Senate Republican colleagues in blocking the nomination of Richard Cordray to head the watchdog agency last week.
Ø The big Wall Street banks and their lobbyists spent millions of dollars trying to kill Wall Street reform and today are spending millions more to delay, defund, weaken or totally repeal the new law and its watchdog agency. And Republicans in Congress, especially Senator Lamar Alexander who has taken $5.1 in campaign cash from Wall Street interests, have been all too happy to do Wall Street’s bidding, throwing every legislative monkey wrench into the process they can think of.
Ø Richard Cordray is eminently qualified to be the top cop on Wall Street having served as Ohio’s Attorney General from January 2009 to January 2011 and having taken major steps to help protect its consumers from fraudulent foreclosures and financial predators, recovering more than $2 billion for Ohio’s retirees, investors and business owners. Even Senator Alexander admits there’s “nothing wrong” with Cordray’s nomination. Alexander says he wants to first “change the law” before approving “anybody” as the top cop. But make no mistake: by “change the law,” Sen. Alexander really means removing the watchdog’s teeth and making it virtually impossible to hold the big banks accountable if they engage in the same kind of shenanigans that brought the economy to its knees in 2008. Putting Wall Street before Tennessee’s Main Streets: that’s Senator Alexander’s position and he’s sticking to it.