Consumer Financial Protection Bureau Director Richard Cordray paid a visit to the House Oversight and Government Reform subcommittee this week, to talk about the availability of credit in the current economic environment.
Republicans attempted to put some of the blame for the current market’s conditions on Cordray, Politico reports, but the director responded by arguing that more stringent financial regulations may have helped to prevent the financial crisis of 2007.
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At many points the discussion turned heated, Politico says, particularly during an exchange between Rep. Mike Kelly, R-PA and Cordray. Kelly’s remarks were accented by his waving around of a 1,100-page document, apparently an example of one of the regulations Cordray’s agency has published since its recent founding. At one point in the hearing, Cordray interrupted Kelly: “Would you like me to respond or just listen?”
In the end, Republicans are likely no more convinced of the CFPB’s merits post-hearing than they were before the event began, Politico says. But Cordray is not without supporters in Congress: “I think he’s doing a great job,” said Rep. Elijah Cummings, D-MD.
Read the full story here.
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