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JOHNSON STATEMENT ON THE NOMINATION OF RICHARD CORDRAY TO BE THE DIRECTOR OF THE CONSUMER FINANCIAL PROTECTION BUREAU

July 17, 2011

WASHINGTON – Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement on the nomination of Richard Cordray to be the first Director of the Consumer Financial Protection Bureau.

“I welcome the President’s nomination of Richard Cordray to be the first ever Director of the Consumer Financial Protection Bureau. As Director, I am confident Mr. Cordray will help ensure the CFPB provides consumers the tools that they need to make the best possible financial decisions for themselves and their families.

“Until a Director is in place, the CFPB will not be able to level the playing field for responsible community banks and credit unions. That is why I will move Mr. Cordray's nomination forward in the Banking Committee as quickly as possible.

“I would also like to thank Professor Warren for all of her hard work in getting the Bureau off the ground. The CFPB is off to a strong start promoting an equitable and transparent consumer financial market place, and that is due in large part to the leadership of Elizabeth Warren.”

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