Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today after the Senate voted 66 to 34 to confirm Richard Cordray as Director of the Consumer Financial Protection Bureau:
“Today’s Senate action was long overdue, but this strong, bipartisan vote sends an unmistakable message: America’s consumers deserve the best, most qualified leader on their side to protect them from consumer abuses in the financial marketplace. Richard Cordray has already proven that he’s the right person for the job – through his fairness, respect for due process, and commitment to the highest standards of consumer protection. His confirmation is a vote of confidence in his effective leadership.
“The Dodd-Frank Wall Street Reform and Consumer Protection Act put in place the strongest consumer financial protections in history – and the Consumer Financial Protection Bureau is working every day to make those protections work for America’s middle class.
“Democrats insisted on establishing the bureau as a centerpiece of this historic law. As a result, the American people are now served by an agency whose sole mission is to protect consumers. The bureau will prevent the very same abuses and predatory practices that resulted in the worst financial crisis since the Great Depression. Its work is nothing short of essential to the success, stability, and prosperity of our working families. With Richard Cordray at the helm, the CFPB will continue to stand firm for the rights and interests of our nation’s consumers.”