Bloomberg News

Cordray Pledges Consumer Protection in Pitch to Run U.S. Bureau

March 11, 2013

Consumer Financial Protection Bureau Director Richard Cordray pledged to continue to pursue policies that protect consumers as the Senate considers his second nomination to run the agency.

“As the economy recovers, we want people to know they have a new agency standing on their side, looking out for their interests, to help restore their confidence in the consumer financial marketplace,” Cordray said in prepared testimony before the Senate Banking Committee.’’

Cordray testifies tomorrow before the committee, which is considering President Barack Obama’s second try to have him confirmed. Republicans have pledged to block his confirmation to the bureau, created by the Dodd-Frank Act, absent structural changes.

In the face of Republican resistance to Cordray’s previous nomination, Obama put him in charge of the agency with a recess appointment. The second nomination was submitted in January. A subsequent federal court ruling raised questions about the validity of the recess appointment.

Cordray made no mention of the Republican objections to the bureau or the court case in his testimony. Both will be a focus of his nomination hearing.

To contact the reporter on this story: Cheyenne Hopkins in Washington at chopkins19@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net


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