[Congressional Record Volume 159, Number 102 (Wednesday, July 17, 2013)]
[Senate]
[Page S5751]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          CORDRAY CONFIRMATION

  Mr. JOHNSON of South Dakota. Mr. President, 3 years ago this week, 
the Senate passed the Wall Street reform act to address the historic 
instability of our financial system. Turmoil in our financial system 
had revealed that many Americans were trapped with financial products 
they did not fully understand, and that no Federal agency was looking 
out for consumers. This act created the Consumer Financial Protection 
Bureau--the first Federal agency tasked with putting consumers first--
and over the past 2 years, the Bureau has taken significant steps to 
improve the consumer experience in many parts of the financial 
marketplace.
  The Senate has taken a crucial step for consumers in confirming the 
first Director of the CFPB, Richard Cordray, to a 5-year term. I am 
glad that the Senate set aside partisan politics and allowed this vote 
on Mr. Cordray's merits to go forward. Mr. Cordray has done excellent 
work at the CFPB, first as its first head of enforcement, and as 
President Obama's first nominee to head the Bureau. I am confident that 
the CFPB will continue to flourish under Mr. Cordray's leadership.

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