WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) joined U.S. Sens. Jack Reed (D-RI) and Elizabeth Warren (D-MA) today to discuss the importance of the Consumer Financial Protection Bureau (CFPB) and urge Senate Republicans to end their unprecedented obstruction and stonewalling. The Senate minority has stalled the confirmation of the CFPB’s director, former Ohio Attorney General Richard Cordray.
“The Consumer Financial Protection Bureau stands up for average Americans,” Brown said. “And yet, Wall Street special interests and their allies in Congress have repeatedly refused to approve anyone to serve as the Director unless the agency’s authority is watered down. The American people are fed up with the obstructionism in Washington. We need to protect this agency that protects American families.”
According to the Senate Historian, Republican objection to Director Cordray in 2011 was the first time in history that the minority party pledged to block a nominee simply because it opposed an agency’s very existence.
Congress created the CFPB in 2010 to help ensure the financial products and services that Americans depend on every day —including credit cards, mortgages, and loans—work better for the people who use them. Earlier this month, 43 Republican Senators sent a letter protesting the CFPB’s independence and vowing to oppose any nominee to lead the consumer protection agency.
Brown is chair of the Banking Subcommittee on Financial Institutions and Consumer Protections, which has jurisdiction over the CFPB. Brown, Reed, and Warren will discuss the significant steps the CFPB has taken to help consumers and strengthen our financial marketplace.