Democratic Sen. Elizabeth Warren of Massachusetts harshly criticized Republicans for delaying the confirmation of Richard Cordray to be director of the Consumer Financial Protection Bureau.
At a Senate Banking Committee hearing on Tuesday, the senator accused Republicans of using false arguments to fight the nomination of Cordray. Warren questioned why Republicans believed it was wrong for the CFPB to have a single director, but was acceptable in the case of numerous other agencies like the Office of the Comptroller of the Currency.
“I see nothing here but a filibuster threat against Director Cordray as an attempt to weaken the consumer agency,” Warren said. “I think the delay in getting him confirmed is bad for consumers, it’s bad for small banks, bad for credit unions, for anyone trying to offer an honest product in an honest market.”
“The American people deserve a Congress that worries less about helping big banks, and more about helping regular people who have been cheated on mortgages, on credit cards, on student loans and on credit reports,” she added.
The Dodd–Frank Wall Street Reform and Consumer Protection Act created the Consumer Bureau to regulate financial services such as mortgages and credit cards. The agency implemented new rules to restrict high-risk home loans in January and began investigating predatory private student lenders in February.
Watch Senator Warren’s comments in the video below.
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