WASHINGTON, Dec. 4 (UPI) -- The White House released a report Sunday night to support its push for Richard Cordray's Senate confirmation as the nation's consumer financial watchdog.
The Senate is expected to vote this week on Cordray's nomination as director of the Consumer Financial Protection Bureau, which was created under the Wall street Reform and Consumer Protection Act.
The Obama administration, indicating it expects some tough slogging in the Senate, touted a report by the National Economic Council, called "Improving Americans' Financial Security: The Importance of a CFPB Director," to back up its arguments for putting Cordray in the role of top consumer financial watchdog.
"Cordray has spent his career fighting for middle class families and finding solutions that help consumers, and he has seen bipartisan support from people around the country," the statement issued by the White House press secretary's office said. "However, some Senate Republicans have vowed to block his nomination without raising question about his qualifications or background -- and their opposition puts consumers at risk.
"As the White House makes the aggressive case to the American people this week about why Senate Republicans must act to confirm Cordray, this report lays out the ways that the CFPB cannot exercise its full authorities to make good on the consumer protection goals in the law unless a director is in place."
The report states getting a director on the job is "one of the most important components of Wall Street reform."
"It is only with a director that the CFPB can exercise its full authorities and make good on the consumer protection goals of Wall Street Reform," the report states. "Without a director, the CFPB cannot fully supervise non‐bank financial institutions such as independent payday lenders, non‐bank mortgage lenders, non‐bank mortgage servicers, debt collectors, credit reporting agencies and private student lenders.
"Without a director, Americans will not be protected from falling prey to many of the harmful practices that contributed to the worst financial crisis since the Great Depression.'
