Statement by AFL-CIO President Richard Trumka On Obstruction of Richard Cordray To Head the Consumer Financial Protection Bureau

Washington, DC–(ENEWSPF)–December 8, 2011. Undermining the new era of Wall Street accountability is exactly what Senate Republicans intended by today’s filibuster of the nomination of Richard Cordray to head the Consumer Financial Protection Bureau.  The vote had nothing to do with his outstanding qualifications, but with the very idea of anyone enforcing the law of the land to protect America’s families.  

Wall Street and its deep pockets fought the creation of the bureau, and its lobbyists have never stopped trying to undermine it.  Senate Republicans are fronting for Wall Street by denying the Bureau a director that will allow it to implement its full authority to hold big banks, payday lenders and other financial firms accountable to the American people.

Working families have not forgotten that deceptive and abusive business practices were fundamental causes of the financial crisis. Consumers deserve a strong and fearless advocate that will be a powerful and independent voice for them.

We will keep working to make sure that today’s vote was not the last act in efforts to see Richard Cordray in place as CFPB director.