Sen. Franken Supports Richard Cordray to head the CFPB
On Monday, Sen. Franken announced his support of former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau (CFPB), a new agency being launched this week that will focus on protecting consumers and making sure consumer financial markets are fair and competitive.
"I'm pleased that the President has decided to appoint Richard Cordray to head the Consumer Financial Protection Bureau and I join Elizabeth Warren in endorsing him for the job," said Sen. Franken. "While I'm disappointed that many of my Senate colleagues refused to support Elizabeth, whose idea it was to create the CFPB and who is uniquely qualified to run it, Richard has proven himself a dedicated consumer advocate and I think he'll make a great leader for the agency. The CFPB needs a director as soon as possible so that it can get to its job of making sure consumers have strong protections and that consumer financial markets are fair and competitive. I hope that my Senate colleagues will join me in voting for his swift confirmation."
The CFPB will help consumer financial markets work better by making rules more effective, making sure rules are consistently and fairly enforced, and by empowering consumers to take more control over their economic lives.The CFPB recently released a report outlining their goals and authority, which details what they have already accomplished to date and what they plan to do going forward. A summary of the report can be found on the CFBP's website.