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Rep. Tom Graves Statement on Resignation of CFPB Director Richard Cordray


Washington, November 15, 2017 - Rep. Tom Graves (R-GA-14), chairman of the House Appropriations Financial Services Subcommittee, released the following statement after Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced he would resign later this month:

“It’s time to turn the page at the rogue, unaccountable CFPB, which spends hundreds of millions of taxpayer dollars every year without congressional approval. The acting director appointed by President Trump must create a culture of accountability, insist on transparency and end CFPB’s harmful attempts at vigilante justice. For far too long, middle-class families and community financial institutions suffered at the hands of a director who put politics above consumer needs, particularly their access to credit. 

“The change in leadership is also an opportunity to enact significant reforms, such as restoring Congress’s constitutional role in oversight by bringing the CFPB under the regular government funding process, a reform I included in my Financial Services Appropriations bill.

“Under the right leadership and with real changes, the CFPB can play an important role in protecting American consumers and ensuring free market competition.”

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