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STATEMENT OF BANKING COMMITTEE CHAIRMAN TIM JOHNSON IN RESPONSE TO REPUBLICANS’ THREAT TO BLOCK ANY CFPB NOMINEE

May 5, 2011

WASHINGTON, D.C. – Senate Banking Committee Chairman Tim Johnson (D-SD) issued the following statement in response to Senate Republicans’ letter announcing their intention to block any nomination of a director to the Consumer Financial Protection Bureau (CFPB).
 
"Republicans fought the creation of a strong consumer watchdog from the start, and now they are at it again.  The truth is this bureau is already subject to greater checks and balances than any other financial regulator and this is just another attempt by Republicans to delay and derail these critical new protections."
 
“Republicans in Washington may want to use revisionist history, but Americans haven’t forgotten that the recession was caused in part by predatory lenders and bad actors on Wall Street.”
 
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