July 18, 2011

Washington, D.C. –  Nevada Senator Harry Reid today made the following statement on the nomination of Richard Cordray as the Director of the Consumer Financial Protection Bureau:

“Richard Cordray has been a fierce advocate for working families throughout his career, and he is a smart choice to be the nation’s top advocate for American consumers. As Ohio’s Attorney General, Cordray was a leader in the fight against abusive and fraudulent practices in the mortgage industry, going to toe-to-toe with the largest banks in the country on behalf of Americans who were targeted by these unfair practices. I hope that Senate Republicans will work with Democrats to ensure that consumers in Nevada and around the country have an advocate for their interests on their side, instead of blocking the reforms that our financial system desperately needs.

“I thank Elizabeth Warren for her contributions over the past year in developing this consumer watchdog bureau, which was her idea in the first place. President Obama wisely asked her to get the young agency off the ground, and when the bureau opens their doors later this week, consumers will have a watchdog that will hold Wall Street accountable to Main Street.”