January 4, 2012
U.S. Senator Richard Shelby (R-Ala.), ranking Republican on the Committee on Banking, Housing and Urban Affairs, today released the following statement regarding President Obama’s decision to install Richard Cordray as the head of the Bureau of Consumer Financial Protection (BCFP):
“President Obama actually created one job today. Unfortunately, this new employee is an unaccountable bureaucrat who will have immense power over the economy. President Obama’s philosophy is clear: government knows best, and the bigger, the better. In light of his record, it’s not surprising that he end ran the elected representatives of the American people to avoid accountability to them.”
Senator Shelby has led the fight for accountability at the consumer bureau. Joined by 44 of his Senate colleagues, Senator Shelby sent a letter in May to the President requesting three commonsense changes to the bureau’s structure to make it more accountable to the American people. Shelby also addressed his concerns with the bureau in a recent speech on the Senate floor.