Alexander Statement on Consumer Financial Protection Bureau Nomination

Says Any Director Would Be “a Czar” Who Would “Answer to No One”

Posted on December 8, 2011

WASHINGTON – U.S. Senator Lamar Alexander (R-Tenn.) today released the following statement on his opposition to the nomination of Richard Cordray as Director of the Consumer Financial Protection Bureau, created through the so-called Dodd-Frank financial-regulation bill, which Alexander opposed:

“I will oppose the confirmation of any director for the bureau until its structure is changed, because the director would be a czar responsible for regulating millions of everyday financial transactions and would effectively answer to no one.”

The Senate failed to reach the 60 votes required to end debate and move to the final confirmation vote, effectively blocking Mr. Cordray’s confirmation. The vote to end debate was 53-45, with one senator voting present.