JOHNSON WELCOMES PRESIDENT OBAMA'S NOMINATIONS FOR TOP SPOTS AT THE CFPB AND SEC

WASHINGTON – Senate Banking Committee Chairman Tim Johnson (D-SD) issued a statement following President Obama’s announcement that he will re-nominate Richard Cordray to be the Director of the Consumer Financial Protection Bureau (CFPB) and nominate Mary Jo White to be Chairman of the Securities and Exchange Commission (SEC).

 

“Through numerous hearings, meetings and a trip to South Dakota, I have come to know Director Cordray, and I have a tremendous amount of respect and admiration for the good work he is doing leading the Consumer Bureau,” said Chairman Johnson.  “Financial consumers are better off because of the hard work being done at the CFPB with Director Cordray at the helm. 

 

“Director Cordray has done a great job, and he still has work to do,” Johnson continued.   “President Obama made a wise choice today in asking Director Cordray to continue to lead the Consumer Bureau, and I appreciate Director Cordray’s willingness to continue to serve.  It is time to stop playing politics and confirm Director Cordray.

 

“I also appreciate the President quickly sending us a nomination for Chairman of the SEC.  Following passage of Wall Street Reform in the wake of the financial crisis, the SEC has expanded responsibilities and needs strong leadership in place. I look forward to meeting Ms. White and hearing her plans for market oversight, completing Wall Street Reform rules, and robust enforcement of investor protections,” Johnson concluded.  

 

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