After more than 700 days of waiting, Rich Cordray will finally get the confirmation vote he deserves from the U.S. Senate. Director Cordray has won praise from consumer and industry groups, and from Republicans and Democrats, for his fair and effective approach. With Director Cordray's confirmation, we will be able to say loudly, clearly, and with confidence: the consumer agency is the law of the land and is here to stay. We fought hard for the agency, and we proved that big change is still possible in Washington. Now we have the watchdog that the American people deserve—a watchdog looking out for middle class families, getting rid of tricks, traps, and fine print, and holding financial institutions accountable when they break the law.It's worth taking a bit of time to reflect on the very long journey that the CFPB has taken in the past three years, since even before Dodd-Frank became law in July, 2010. There wouldn't be a CFPB without Elizabeth Warren. It was her baby from the get-go, and it was her tireless lobbying, and ability to rally support, that got it included in the final Dodd-Frank law, despite Republican opposition. Then we had an immediate blockade by Republicans of any director being appointed to it. First, they fought Elizabeth Warren. So, in July 2011, President Obama nominated Richard Cordray, then had to recess appointment him in January of 2012 in order for the agency to function. For two years, Richard Cordray has waited for this vote.
But it's almost been worth it, because of this most delicious part of the deal: we wouldn't have Senator Elizabeth Warren if Republicans hadn't been so terrified of her and raised so much hell about opposing her as head of the new agency. If they had hadn't fought her so hard, she wouldn't be in the Senate. On the Banking Committee.
Thanks, Mitch McConnell!