People For the American Way

PFAW: Senate GOP Chooses Big Banks Over Consumers, Blocks Cordray Nomination

FOR IMMEDIATE RELEASE: December 8, 2011

Contact: Miranda Blue or Justin Greenberg at People For the American Way

Email: media@pfaw.org

Phone Number: 202-467-4999

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In a nearly party-line vote today, Senate Republicans continued to block the nomination of Richard Cordray to head the Consumer Financial Protection
Bureau. The Bureau has had to function without a leader since its establishment last year, preventing it from doing critical parts of its work. 45
Senate Republicans signed a letter in May refusing to confirm any nominee to the post unless the Bureau’s power to protect consumers is substantially
weakened.

“Today’s vote is extremely disappointing,” said Marge Baker of People For the American Way. “Senate Republicans are blocking a perfectly
qualified and moderate nominee simply because they don’t want the Consumer Financial Protection Bureau to do its job. This is cynical, crony politics
at its worst. The CFPB was created to ensure that American consumers have a strong advocate in the financial sector, which has too often viewed the
life savings of millions as the means to huge profits for a few. Republicans, however, would rather protect their friends at big banks than the
consumers whose money those big banks rely on.

“Two days ago, it was the D.C. Circuit that Senate Republicans sabotaged when they blocked a vote on
highly qualified nominee Caitlin Halligan. Whether it’s through the courts or through the executive branch, Republicans are closing off Americans’
ability to assert their rights.”

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