U.S. Chamber Applauds Senate for Supporting Consumer Bureau Accountability, Renews Call for Fixing Flawed Agency

‘Senate Sent a Clear Message that Changes are Needed Before a Director is Confirmed,’ Hirschmann Says

WASHINGTON, D.C.—David Hirschmann, president and CEO of the U.S. Chamber’s Center for Capital Markets Competitiveness, today issued the following statement on the Senate vote opposing Richard Cordray’s nomination to be director of the Consumer Financial Protection Bureau (CFPB):
“Repeated calls for straightforward reforms to restore basic accountability to the bureau went unanswered, and the Senate had little choice but to use the confirmation process to force a debate over the bureau’s flawed structure.  We have been saying all along that Congress should focus on fixing this unaccountable agency, rather than on who should lead it.  Today, the Senate sent a clear message that changes are needed before a director is confirmed.
“From the beginning, we have called for replacing the single, Senate-confirmed director with a bipartisan commission.  This would require the bureau to submit its budget for Congressional approval and give federal banking regulators the power to stop the CFPB from putting in place rules that could cause a bank failure.  These reforms will help bring stability and greater oversight to the agency without undermining its ability to protect consumers.

“Today’s vote shows there is strong support for rethinking the structure of the consumer bureau to ensure that it’s accountable to the American people.  We hope the Administration will work with Congress to make these desperately needed changes.”

Since its inception three years ago, the Center for Capital Markets Competitiveness has led a bipartisan effort to modernize and strengthen the outmoded regulatory systems that have governed our capital markets. The CCMC is committed to working aggressively with the administration, Congress, and global leaders to implement reforms to strengthen the economy, restore investor confidence, and ensure well-functioning capital markets.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.