Demos President Miles Rapoport Issues Statement In Support of CFPB Director Nominee Richard Cordray; Praises Elizabeth Warren's Leadership

Release Date: 
July 18, 2011

July 18, 2011

Lauren Strayer,, (212) 389-1413

Demos President Miles Rapoport Issues Statement In Support of CFPB Director Nominee Richard Cordray; Praises Elizabeth Warren’s Leadership
NEW YORK—Today, Miles Rapoport, President of the public policy center Demos and former Connecticut Secretary of the State, released the following statement in support of Richard Cordray, President Obama’s newly announced nominee for Director of the Consumer Financial Protection Bureau:

“Today President Obama signaled that he would not back down in support of the mission of the Consumer Financial Protection Bureau.

“Demos has long been a vocal supporter of Elizabeth Warren and commends her for working tirelessly to set up the CFPB all while defending it from unrelenting and unfounded attacks. Richard Cordray’s integrity and wealth of experience can be found in the unwavering support he has received from Elizabeth Warren.  

“Mr. Cordray has proven experience taking on special interests from his years serving the people of Ohio as Attorney General. He shares Demos’ belief in the power of fair, thorough and effectively enforced regulation. That Mr. Cordray has Ms. Warren’s full backing, ensures he can be trusted to defend the mission of the CFPB and help protect millions of Americans from predatory financial practices.

“There is urgency in confirming Mr. Cordray. It has now been three years since the financial meltdown and Washington has still not fixed the problems that lead to the painful, ongoing recession. The CFPB cannot assume its full powers without a director. 

“We at Demos call on our Senators and Representatives to confirm the President’s nomination and guarantee that Mr. Cordray and the CFPB have the resources to help Americans and the economy in the wake of this Great Recession. To continue to delay the funding of the CFPB is irresponsible.”

Demos was an early supporter of the concept of an agency devoted to consumer financial protection. The Demos policy brief "Why We Need an Independent Consumer Financial Protection Agency Now," released in 2010, recounts the history of financial deregulation at the state and federal levels, connecting this policy to increased family economic security and the current economic crisis. 

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