December 08, 2011
WASHINGTON D.C. – U.S. Senator Roy Blunt (Mo.) voted against the nomination of Richard Cordray as director of the new Consumer Financial Protection Bureau (CFPB) today and joined his colleagues in introducing the “Responsible Consumer Financial Protection Regulations Act of 2011” (S. 737) to restructure the new bureau.
“The last thing we need is another unaccountable czar with unlimited power,” said Blunt. “I’m proud to cosponsor this bill, which would address the CFPB’s lack of transparency and accountability.”
The bill, which was introduced by U.S. Senator Jerry Moran (Kan.) and currently has eleven cosponsors, would restructure the CFPB by replacing the director with a Senate-confirmed five-person commission. The bill would also ensure the CFPB is subject to the same appropriations process as other federal agencies. To read the bill text, please click here.
In May 2011, Blunt joined 44 Senators in a letter to President Barack Obama expressing concerns about the bureau’s lack of transparency or accountability. To read the letter, please click here.