REP. GUTIERREZ ON REPUBLICAN FILIBUSTER OF CORDRAY NOMINATION FOR CFPB DIRECTOR

Congressman calls Republican opposition to Cordray and CFPB "a digrace"

December 8, 2011

Media Contact: Douglas Rivlin (202) 225-8203

FOR IMMEDIATE RELEASE

(Washington, DC) -- The Senate failed to overcome a Republican filibuster today that would have allowed a vote on President Obama's nominee, Richard Cordray, to be the first Director of the Consumer Financial Protection Bureau (CFPB), an agency created by last year's Dodd-Frank Wall Street Reform bill.  Rep. Luis V. Gutierrez (D-IL) is the Ranking Member of the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity and a strong supporter of the CFPB's mission.  Rep. Gutierrez issued the following statement:

"It is clear the Republicans do not object to Richard Cordray as a nominee, they object to the position for which he has been nominated.  They simply do not want anyone looking over the shoulders of their friends in the banking industry, the insurance companies, or any of the other folks that CFPB would keep watch on in order to protect consumers' interests.  The Republicans want less scrutiny when big money companies do business with average American consumers.  It is that simple and it is a disgrace."

# # #