Today the President will appoint Richard Cordray to lead the Consumer Financial Protection Bureau. He has one important job: look out for the best interest of American consumers. He’ll work on behalf of millions of families across the nation to ensure they’re not being taken advantage of by debt collectors and credit reporting agencies. As America’s consumer watchdog, Cordray will work to ensure that families and students don’t get saddled with sky-high interest rates by mortgage or payday lenders. Bottom line: he’ll strengthen oversight and accountability in order to protect millions of families across the nation. This is an important step to protect the American people.
The President nominated Mr. Cordray last summer. Unfortunately, Republicans in the Senate blocked his confirmation. They refused to let the Senate go forward with an up or down vote. It’s not because Republicans think Cordray isn’t qualified for the job, they simply believe that the American public doesn’t need a watchdog at all. Well, we disagree.
And we can’t wait for Republicans in the Senate to act. Now, you might hear some folks across the aisle criticize this “recess appointment.” It’s probably the same folks who don’t think we need a tough consumer watchdog in the first place. Those critics might tell you that Wall Street should write their own rules. Or you might hear them say the American people are better off when everyone is left to fend for themselves. Again, we disagree with those critics.
Fonte: White House