Senate Democrats

Reid: Middle-Class Americans Deserve An Advocate To Guard Against Abusive Banks And Lenders

Washington, D.C.Nevada Senator Harry Reid released the following statement today after President Obama announced his intention to appoint Richard Cordray to head the Consumer Financial Protection Bureau.

“After millions of Americans lost their jobs, retirement funds and life savings in the economic crisis, they asked their elected leaders to rein in the greed and recklessness on Wall Street that led to the crisis. We listened, and passed a bipartisan law that created a consumer watchdog to guard against abuses by big banks, abusive mortgage companies, and unscrupulous lenders. Since then, Republicans have been trying to make an end run around the law by denying this watchdog a leader. Despite admitting that President Obama’s nominee, Richard Cordray, is qualified for the job, Republicans denied him an up-or-down vote in an effort to substantially weaken the agency.

“I support President Obama’s decision to make sure that in these tough economic times, middle-class families in Nevada and across the country will have the advocate they deserve to fight on their behalf against the reckless practices that denied so many their economic security.

“With our economy in a fragile recovery, Americans are looking to us to find common ground, not grind the business of the American people to a halt until one side gets everything it wants. I hope that moving forward, Republicans will work with Democrats to address the concerns of middle-class Americans, instead of turning every issue into a partisan fight.”