November 16, 2011
Sen. Scott Brown (R-MA) is following in the footsteps of his Democrat opponent, Elizabeth Warren, and endorsing President Obama’s pick to lead of the Consumer Financial Protection Bureau, according to the Boston Globe.
Elizabeth Warren, a Harvard law professor, had been working to set up the CFPB prior to President Obama’s nomination of former Ohio AG Richard Cordray.
The Huffington Post predicts that Brown’s endorsement will have little impact on the nomination proceedings, however, as 44 GOP lawmakers have vowed not to approve any CFPB candidate until changes to the agency’s leadership structure and regulatory authority are made.
Warren, whose potential nomination for CFPB director at one time produced significant contention between Democrats and Republicans, issued the following statement after the President announced Condray's nomination:
“Today, the President announced his intent to nominate Richard Cordray to serve as the first Director of the CFPB. Rich has a proven track record of fighting for families during his time as head of the CFPB enforcement division, as Attorney General of Ohio, and throughout his career. He was one of the first senior executives I recruited for the agency, and his hard work and deep commitment make it clear that he can make many important contributions in leading this agency. He will make a stellar director. I am very pleased for Rich and very pleased for the CFPB.”
Warren in her statement went on to reference the letter 44 Republican Senators sent to the President in May in which they vowed to block any CFPB director nominee:
“I remain hopeful that those who want to cripple this consumer bureau will think again and remember that the financial crisis - and the recession and job losses that it sparked - began one lousy mortgage at a time. I also hope that when those Senators next go home, they ask their constituents how they feel about fine print, about signing contracts with terms that are incomprehensible, and about learning the true costs of a financial transaction only later when fees are piled on or interest rates are reset.”