Cotton Statement on Richard Cordrays Resignation from the CFPB
Contact: Caroline Rabbitt Tabler (202) 224-2353
Washington, D.C. - Senator Tom Cotton (R-Arkansas) today released the following statement regarding the resignation of Richard Cordray as director of the Consumer Financial Protection Bureau:
"I wish Mr. Cordray all the best in retirement, but I can't say I'm sorry to see him go. The CFPB has hurt more consumers than it has helped, partly because Mr. Cordray never understood that true consumer protection is anchored in vibrant, competitive markets. He ran an undemocratic agency like an autocrat and stayed well past his welcome, hanging onto his position in an attempt to thwart a duly elected president-and, by extension, the American people. It was high time for him to leave his post, and his tenure stands as a warning against the dangers of an unaccountable bureaucracy. Now we have an opportunity to appoint a CFPB director who will respect the rule of law and rein in this rogue agency's worst abuses."