July 16, 2013


WASHINGTON – Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding the confirmation of Richard Cordray to be Director of the Consumer Financial Protection Bureau.
“Three years ago this week, the Senate passed the Wall Street Reform Act to address the historic instability of our financial system. Turmoil in our financial system had revealed that many Americans were trapped with financial products they did not fully understand, and that no federal agency was looking out for consumers. This Act created the Consumer Financial Protection Bureau—the first federal agency tasked with putting consumers first—and over the past two years, the Bureau has taken significant steps to improve the consumer experience in many parts of the financial marketplace. 
“Today, the Senate took a crucial step for consumers in confirming the first Director of the CFPB, Richard Cordray, to a five year term. I am glad that the Senate set aside partisan politics and allowed this vote on Mr. Cordray’s merits to go forward. Mr. Cordray has done excellent work at the CFPB, first as its first head of enforcement, and as President Obama’s first nominee to head the Bureau. I am confident that the CFPB will continue to flourish under Mr. Cordray’s leadership.”