Editor's Note: Rep. Gary Ackerman (D-NY) praised President Obama’s recess appointment of Richard Cordray as head of the Consumer Financial Protection Bureau. The president announced the appointment Wednesday during Congress’ holiday recess.
The president has taken a giant step towards protecting Americans from unscrupulous lending practices used by banks and financial institutions. Today is truly a terrible day for predatory lenders and a great day for consumers. By making this recess appointment, the president has given this critical agency the ability to do the good work that is its mission for the American people.
I commend the president for making this bold move, and for circumventing Republicans who shamefully held consumers hostage by using the confirmation process as a bargaining chip. After many months of delays by the GOP, consumers will finally have a cop on the beat to guard against the deceitful and unfair practices that have gouged consumers for far too long.
Gary Ackerman represents New York's 5th District and is a senior member of the House Financial Services Committee.