Statement By New York Attorney General Schneiderman On The Filibuster Of Consumer Financial Protection Bureau Nominee Richard Cordra

Attorney General Eric T. Schneiderman released the following statement today in response to the U.S. Senate filibuster of Consumer Financial Protection Bureau Director nominee Richard Cordray:

“It’s wrong that a minority of U.S. Senators would put politics over the protection of American consumers by blocking the nomination of Richard Cordray to head the Consumer Financial Protection Bureau. Three years after the financial crisis plunged our economy into recession, we can’t afford to place the country at risk of another economic meltdown by undermining the agency before it begins its work.

“There is much to be done to restore confidence in the markets for everyday people, businesses and investors. As a watchdog holding financial institutions accountable for wrongdoing, the CFPB will play a critically important role in developing a regulatory framework that ensures consumers are protected, financial institutions play by one set of rules, and our economy is not vulnerable to another preventable crisis. President Obama is right to continue fighting to install Richard Cordray as CFPB Director so that the bureau can fulfill its full mandate under the law.”