Received this e-mail today from U.S. Senator Elizabeth Warren’s (D. MA) re-election campaign:
Just a few hours ago, my friend Rich Cordray announced that he will be stepping down as director of the Consumer Financial Protection Bureau. It was seven years ago this week that Rich agreed to help me set up the brand new agency, and he’s given a huge part of his life to making government work for people. I’m very grateful.
Now we face an all-hands-on-deck moment for everyone who cares about holding Wall Street accountable and protecting the safety of our economy.
Donald Trump and Treasury Secretary Steve Mnuchin will now control the future of that little agency. Trump talked a big game about standing up to Wall Street during his campaign. Now he can step up and prove it.
Please join me in calling on the Trump Administration to show some political courage and name a new director with a track record of protecting consumers and holding financial firms accountable.
After the 2008 financial crisis, we fought hard for a new consumer agency to put a stop to the tricks and traps hidden in mortgages, credit cards, and other financial products – and to help hold Wall Street accountable when they break the law. And that’s what Rich Cordray has done.
At the CFPB, Rich has been a tireless watchdog for American consumers. Under his steady hand, that new little agency has handled more than a million complaints and forced the biggest financial institutions to return $12 billion directly to people they cheated. That’s government that works for the people. I am amazed at what Rich has accomplished at the CFPB over the past seven years – and also deeply proud.
With Donald Trump in the Oval Office, all that work is in danger.
Donald Trump has already promised “a major elimination of the horrendous Dodd-Frank regulations” on poor little Wall Street. The 2016 GOP Platform said the director of the CFPB had "dictatorial powers.” Ted Cruz has introduced a bill to abolish the agency entirely.
The last thing we need is another Trump-appointed industry hack – or worse, another attempt to gut the agency of its power.
Click here to speak out right now and tell Donald Trump and the Republicans: The next director of the CFPB must have a proven record of commitment to American consumers.
Thanks for being a part of this,
Elizabeth
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