Blasts GOP Presidential Candidates for Vowing to Repeal Wall Street Reform and Let Big Banks Write Their Own Rules Again

MADISON – With the Senate Banking Committee voting on the nomination of Richard Cordray to be the director of the Consumer Financial Protection Bureau, the President’s nomination will now go to the full Senate for approval.  In anticipation of this, Democratic Party of Wisconsin Chair Mike Tate released the following statement:

“From day one, Republicans in Congress have tried to block the creation of the Consumer Financial Protection Bureau. If Republicans actually are concerned with job creation and protecting the middle class, then they should vote to confirm Richard Cordray to head the Consumer Financial Protection Bureau without delay.

Unfortunately, Republicans have been standing in the way of this important nomination and other efforts to grow our economy. Just a few short years since the worst recession in nearly a century, Republicans want to turn the economy back over to the same Wall Street bankers who left millions of American families reeling.  In the battle between Wall Street and Main Street, the lines could not be drawn more clearly. President Obama passed Wall Street reform to rein in the excesses of bankers and protect middle class families from predatory lenders and shaky mortgage deals. Meanwhile, Republican presidential candidates are more than willing to let Wall Street bankers write their own rules and trample the middle class if it adds a few dollars to their campaign coffers.

The way Wall Street Reform is written, without a Director, the Consumer Financial Protection Bureau is unable to fulfill any of its duties to help protect middle class Americans. We need Richard Cordray confirmed as soon as possible. Delay isn’t good for our economy, and it’s not good for the country.  It’s time for Senators like Ron Johnson to join with President Obama and Democrats in the Senate to confirm Richard Cordray.”