Democratic Sen. Elizabeth Warren of Massachusetts slammed Republicans on Tuesday for holding up the confirmation of Richard Cordray to be director of the Consumer Financial Protection Bureau.
At a Senate Banking Committee hearing, the progressive senator suggested Republicans were using false arguments to fight the nomination of Cordray. Warren, who was a key figure in setting up the relatively new agency, 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 Consumer Bureau was created by the Dodd–Frank Wall Street Reform and Consumer Protection Act to regulate financial services such as mortgages and credit cards. The agency issued new rules to restrict high-risk home loans in January and began looking into predatory private student lenders in February.
Senate Republicans previously blocked Cordray’s confirmation to the CFPB in 2011, but Cordray later became the director of the agency through a recess appointment. Republicans have called for the agency to have significantly reduced powers, claiming it currently lacks proper oversight.
Watch video, uploaded to YouTube by Sen. Warren, below: