March 19, 2013

Senator Warren's Statement on the Banking Committee's Approval of the Nominations of Rich Cordray and Mary Jo White

Washington, DC - U.S. Senator Elizabeth Warren today released the following statement after the Senate Banking Committee voted to recommend to the full Senate the nominations of Rich Cordray for Director of the Consumer Financial Protection Bureau, and Mary Jo White to head the Securities and Exchange Commission:

"I am pleased that the Banking Committee moved forward the nominations of Rich Cordray and Mary Jo White.  

"The SEC needs a strong leader to issue meaningful and final rules under the Dodd-Frank Act and to hold big banks and other powerful interests accountable when they break the law.  While I am concerned about Mary Jo White's lack of track record on regulatory issues, I am hopeful that her strength as a prosecutor will make her the strong leader the SEC needs to be a tough watchdog for the American people.

"I believe it is past time for an up or down vote for Rich Cordray.  He has earned a reputation as an effective and balanced regulator, and the Senate needs to focus on how to put an end to practices that cheat families in their mortgages and credit cards - not how to help the big banks."