President Obama lauds new
consumer finance watchdog
at White House briefing
Richard Cordray, newly confirmed head of the Consumer Financial Protection Bureau. Click image to enlarge.
AT LONG LAST, after a three-year battle with Congressional Republicans, consumers have a financial watchdog in Washington, D.C.
President Barack Obama took great delight in chiding the GOP during comments Wednesday at the White House about the Consumer Financial Protection Bureau’s new chief.
“I first nominated Rich for this position two years ago this week,” the president said to laughter from the press corps.
“He was eminently qualified.
“And for two years, Republicans in the Senate refused to give Rich a simple yes-or-no vote – not because they didn’t think he was the right person for the job, but because they didn’t like the law that set up the consumer watchdog in the first place.”
The Republicans don’t want to do anything to help Americans. They seem bent on self-destruction.
Watch a video of Cordray below the fold.
“FOR NEARLY TWO YEARS … we have been focused on making consumer finance markets work better for the American people,” Cordray said, speaking after the president.
“ Today’s action — the action — I was sworn in by the Vice President this morning, and the Senate confirmation — means that there will be certainty for those markets and for the industries we oversee.”
New CFPB head Richard Cordray address a conference of the National Association of Attorneys General.
Obama praised the work of the CFPB and its new head.
“Americans are better off because of what Rich has done as our consumer watchdog and his outstanding team is doing each and every day,” Obama said. “And, by the way, that’s just the tangible benefits that we know of, that $400 million in refunds. But part of what happens is when you’ve got a watchdog, people don’t try as many things.”
The president is exactly right. The cop on the beat knows full well what preventive policing can accomplish.
“For me, it also reaffirms that our central responsibility is to stand on the side of consumers and see that they’re treated fairly,” Cordray added. “It’s something that people deserve. It’s something that they want and need. And we’re there to try to provide it.”
The CFPB was established in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
OBAMA’S FIRST NOMINEE to head the agency, now Sen. Elizabeth Warren (D-Mass.), was the one who first proposed the agency and should, by rights, have been its first leader.
Senate Republicans would have none of it. They would not even allow a vote on her nomination.
Two years later, she withdrew, ran for the Senate and trounced her opponent, Republican incumbent Scott Brown.
She is a hero!
The web site of the CFPB. It’s there to help you … and me!
According to the CFPB web site its mission is “ensuring that consumers get the information they need to make the financial decisions they believe are best for themselves and their families—that prices are clear up front, that risks are visible, and that nothing is buried in fine print.
“In a market that works, consumers should be able to make direct comparisons among products and no provider should be able to use unfair, deceptive, or abusive practices.”
Thank goodness somebody is now looking out for us; the banking industry certainly is not on our side.
In prepared remarks on his Senate confirmation as Director of the CFPB, Cordray said: “I am honored to be confirmed by the Senate as the Director of the Consumer Financial Protection Bureau. For nearly two years, we have been focused on making consumer finance markets work better for the American people.
“We will continue our essential work and each one of us, including myself, is grateful for the opportunity to serve our country in this important way.”
Thank you, President Obama, Elizabeth Warren and Richard Cordray.
Watch a video of Cordray talking about his new responsibilities.
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