NHPIRG Joined by Former Chair of NH House Commerce and Consumer Affairs Committee And Americans for Financial Reform CFPB Task Force Coordinator,

Express Disappointment over Senator Ayotte’s Vote to Block Confirmation Praises Senator Shaheen for Standing Up for Consumers

NHPIRG

Concord, NH— The US Senate was slated to vote today on Richard Cordray’s nomination to lead the Consumer Financial Protection Bureau (CFPB), but that vote was filibustered along party lines by 45 Republican Senators.  The Senate needed 60 votes to overcome a filibuster.  The vote count for the Cordray nomination –53-45-1-1. Scott Brown only Republican to in favor of confirmation and Senator Snowe of Maine voted “present. ” Cordray was not confirmed and that is bad news for New Hampshire consumers according to NHPIRG consumer advocate Addie Shankle.

She continued, “It is very unfortunate that Senator Ayotte voted the way she did today, and I ask her to reconsider her support for measures which were proposed by Wall Street insiders and are which weaken the CFPB.  These efforts are harmful for any Granite Stater who holds a mortgage or wants to own a home, has student loans, or carries a credit card, and I want to be very clear: Future efforts to chip away at the CFPB and other Wall Street Reforms may win points with Republican Congressional leadership in Washington, but they aren’t supported here at home. “

The President nominated Rich Cordray, a highly respected former Attorney General from Ohio, to direct the Consumer Financial Protection Bureau, and the nomination requires Congressional approval.  Cordray was endorsed by thirty-seven  Attorneys General in a bi-partisan effort to move this nomination forward, including the Republican AG from his home state of Ohio and our own Michael Delany.

 “I want to thank Senator Jeanne Shaheen,” said  Shankle. She stood “up for New Hampshire consumers by casting her vote to  confirm Richard Cordray. Senator Shaheen is took a clear stand against the bad actors on Wall Street this morning and we here at commend her for that,”  continued Shankle.

 Ed Butler, former Chair of NH House Commerce and Consumer Affairs Committee also decried Ayotte’s vote, ““It was just three years ago that reckless and predatory Wall Street practices collapsed the economy and cost us 10 million jobs, millions of homes and trillions of dollars in others’ home equity and retirement values. President Obama nominated former Ohio Attorney General Richard Cordray, who has spent his career fighting for middle class families and finding solutions that help consumers.  This is why Democrats, Republicans and the National Association of Attorney Generals have all endorsed him. The obstruction of this nomination is unacceptable. It’s time for Congress to get to work and confirm Richard Cordray,” said Butler.

Ed Mierzwinski, U.S. PIRG Consumer Program Director and Americans Financial Reform CFPB Task Force coordinator, said this: “Opponents make the false claim that the CFPB is unaccountable even though its structure, independence and funding are no different than those of other regulators, Senator Ayotte is now on record and her constituents can ask her why she voted for Wall Street and opposed the nation’s first financial regulator with only one job, protecting consumers.” NHPIRG is a non-profit, non-partisan public interest advocacy group that takes on powerful interests on behalf of all Granite Staters.