A key part of that was putting in place the first-ever consumer watchdog – someone whose job it is to protect American families from being taken advantage of by mortgage lenders, payday lenders, and debt collectors.
Tens of millions of Americans use these services. Protecting them from unscrupulous practices is an important job. And that’s why I nominated Richard Cordray to serve as the head of this consumer watchdog agency.
As the former Attorney General of Ohio, Richard helped recover billions of dollars on behalf of retirees and stood up to dishonest lending practices. He has the support of most Attorneys General across the country, both Democrats and Republicans. Members of Congress from both parties say he’s more than qualified for the job. And yet on Thursday, Republicans blocked his nomination. They refused to even allow it to come up for a vote.
That doesn’t make any sense. Do Republicans in Congress think our financial crisis was caused by too much oversight of mortgage lenders or debt collectors? Of course not. And every day America has to wait for a new consumer protection watchdog is another day that dishonest businesses can target and take advantage of students, seniors, and service members.
So I refuse to take “no for an answer. Financial institutions have plenty of high-powered lawyers and lobbyists looking out for them. It’s time consumers had someone on their side.
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