San Francisco – Democratic Leader Nancy Pelosi released the following statement today after President Obama announced his intention to nominate former federal prosecutor Mary Jo White as the next Chairman of the Securities and Exchange Commission, and to re-nominate Richard Cordray as Director of the Consumer Financial Protection Bureau:
“President Obama’s choices to lead the Securities and Exchange Commission and the Consumer Financial Protection Bureau reflect his firm, unyielding commitment to protect consumers, restore accountability and transparency to our markets, and build an economy founded on fairness and opportunity for our middle class.
“Mary Jo White is an experienced, no-nonsense prosecutor unafraid to face down the special interests seeking to roll back Wall Street reform and undermine the strongest consumer protections in history. And in her new role, she will work to ensure that Main Street is protected, Wall Street is policed, and the letter and spirit of the Dodd-Frank Act is implemented and upheld.
“Since taking the helm of the CFPB, Richard Cordray has been tough, fair, inclusive, and transparent. He has acted to carry out Congress’ mandate to defend consumers and prevent the very abuses that led to the 2008 financial crisis. He has shone a bright light on elements of the financial system long overdue for oversight and reform – part of his effort to root out the worst abuses in the marketplace.
“Together, this capable and dedicated team will support the work of the President and Democrats in Congress to ensure that the recklessness of some on Wall Street never again causes joblessness on Main Street. Both nominees deserve speedy, fair confirmations for their posts.”