Will Senators Susan Collins and Olympia Snowe Stand Up to Big Banks and Stand With Consumers?

Gut Check Time: Senators Collins and Snowe: Don’t Block Richard Cordray as Head of the Consumer Financial Protect Bureau, Key to Protecting Consumers

FOR IMMEDIATE RELEASE            CONTACT:  Lauren Weiner, 202.470.5870
December 7, 2011                                     Jeremy Funk, 202.470.5878    

Washington, DC – Tomorrow the U.S. Senate will vote on confirming former Ohio Attorney General Richard Cordray as the new head of the Consumer Financial Protection Bureau and Senators Susan Collins and Olympia Snowe will have the opportunity to show their true stripes – stand with consumers just trying to keep our heads above water or stand with those big banks which are doing everything to avoid being held accountable for crashing the economy and costing millions of jobs.

Republican have done everything in their power to delay, defund, repeal, or weaken 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 nearly $5 million that Senators Snowe and Collins have received from the financial sector to do their bidding. We can’t afford any more delays in putting in place a strong consumer watchdog looking out for all of us.  It’s unconscionable for Senators Snowe and Collins to block Cordray from heading this agency – an agency that is finally standing up for our interests.”