Washington, D.C.—Nevada Senator Harry Reid issued the following statement after Republicans blocked the confirmation of Richard Cordray to head the Consumer Financial Protection Bureau.
“This was not a vote against Mr. Cordray. Today, Republicans voted against Main Street just to protect Wall Street. Republicans blocked an eminently qualified nominee to lead an agency charged with protecting working families from financial fraud and unfair practices. Republicans know that Mr. Cordray is the perfect nominee for the job. As Ohio’s Attorney General, he prosecuted financial predators and recovered more than $2 billion of the hard earned money of retirees and investors. Republicans know he is a great attorney who clerked for two Supreme Court Justices. They know his career has been characterized by bipartisan support.
“But Senate Republicans blocked him because they don’t like the agency he would lead – an agency charged with protecting consumers from the abusive Wall Street practices that led to the financial crisis. Without a director, the Consumer Financial Protection Bureau will be substantially weakened.
“This was the first time in Senate history a party blocked a qualified nominee solely because it disagrees with the existence of an agency that was created by law, through a bipartisan vote. Republicans should work with Democrats to strengthen protections for American consumers instead of working to weaken this important agency.”