WASHINGTON, DC – Sen. Jerry Moran (R-Kan.), member of the Senate Banking Committee and Ranking Member of the Senate Committee on Appropriations Financial Services and General Government Subcommittee, issued the following statement today on President Obama’s recess appointment of Richard Cordray to be the Director of the Consumer Financial Protection Bureau (CFPB):
“Today’s end-run around the Senate could have easily been avoided had the Administration seriously considered the request made by more than 40 senators back in April to bring accountability to the Bureau. Instead of having a reasonable conversation about the merits of our proposal, the President has chosen to break decades of precedent and put politics ahead of the best interests of consumers. This debate has never been about the nominee or about the presence of a strong consumer protection regulator – it is about installing three good governance principles originally supported by the President.”
Sen. Moran, along with 44 other Senators, notified President Obama in April that he will not confirm any nominee – regardless of party affiliation – to be the Director of the new CFPB absent structural changes that will make the Bureau accountable to the American people.
Additionally, Sen. Moran has introduced legislation to reform the structure of the CFPB. The Responsible Consumer Financial Protection Regulations Act of 2011, S. 737, would replace the single CFPB Director with a Senate-confirmed multi-person commission – similar to the leadership structure of the Securities and Exchange Commission (SEC), Commodity Futures Trade Commission (CFTC) and Federal Trade Commission (FTC). It would also subject the CFPB to the regular appropriations process like most federal agencies.
Click here to view the full text of S. 737, the Responsible Consumer Financial Protection Regulations Act of 2011.