WASHINGTON, DC–(ENEWSPF)–January 4, 2012. Assistant Majority Leader, Senator Dick Durbin (D-IL), released the following statement today after President Obama announced that he will appoint Richard Cordray to head the Consumer Financial Protection Bureau:
“After months of delay by Senate Republicans, Cordray’s nomination was called and defeated by a filibuster. Sadly, there were no objections to Cordray’s qualifications only a decision by Senate Republicans to cripple this agency and try to politically punish the President.
“In appointing Richard Cordray to head the Consumer Financial Protection Bureau, President Obama has done what’s necessary to ensure American consumers are protected from the tricks and traps of big banks and have the information they need to make sound financial decisions.
“Over the last three years, consumers have lost $17 trillion in household wealth and retirement savings. With today’s appointment, the President has put the interests of consumers ahead of partisanship, and the result will be a strong consumer watchdog agency that puts Main Street ahead of Wall Street.”