NEW: Reed Says Republican Stonewalling Leaves Consumers Vulnerable
Thursday, December 08, 2011
After Senate Republicans killed a vote on the nomination of former Ohio Attorney General Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB), U.S. Senator Jack Reed (D-RI) said that Republican stonewalling is leaving Americans vulnerable to financial fraud and abuse.
Reed helped create the consumer protection agency to stop unfair, deceptive, and abusive financial practices and keep the rules governing financial service products up-to-date as part of last year’s historic Wall Street reform law.
The CFPB opened this summer and has already unveiled plans to make it easier for consumers to understand credit card interest rates, but under law without a director, the agency is not able to fully crack down on financial fraud. Republicans indicated they would oppose any nominee to lead the agency, regardless of how well-qualified they are, unless the new consumer protection law is watered down.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTAfter today’s vote of 53-45, which fell seven short of the 60 needed to break the Republican filibuster and force an up-or-down vote on the nomination, Reed issued the following statement:
“Every year, hard-working American families lose billions of dollars to deceptive financial practices like hidden fees and predatory lending.
“We need tough, clear, and fair oversight of the financial services industry, including a strong and independent CFPB that can prevent fraud and abuse.
“The business community and banks understand we need this agency too. We want to protect and promote good banking and servicing practices and the CFPB will ensure that banks that play fair can compete.
“This is far from over. We will keep pressing the issue.
“But Americans can’t afford the endless gridlock in Washington, and they are left vulnerable by today’s Republican stonewalling.”
