COLLINS, SNOWE, BROWN CALL FOR TRANSPARENCY IN CONSUMER FINANCIAL PROTECTION BUREAU NOMINATION

Following yesterday's enactment of the financial regulatory reform bill, U.S. Senators Olympia J. Snowe (R-Maine), Susan Collins (R-Maine), and Scott Brown (R-MA) today, in a letter, urged President Obama to follow regular order in nominating an individual to lead the new Consumer Financial Protection Bureau. The Senators asked the President to avoid making a recess appointment when filling this vital role so a full public airing of relevant issues can occur.

The full text of the letter follows:

July 22, 2010

The President
The White House
Washington, D.C. 20500

Dear Mr. President:

Yesterday's enactment of the financial regulatory reform bill was the culmination of months of effort, including our work to ensure that new taxes were avoided and small businesses and community banks were not saddled with onerous regulations. This is a significant accomplishment, and we expect fair and transparent application of the new law that is sensitive to economic growth and job creation.

As you consider the vital role of the Consumer Financial Protection Bureau, we strongly urge you to follow regular order in nominating someone to lead the agency. While we have different views of the need for this new agency, as supporters of the legislation that included it we firmly believe that the United States Senate's responsibilities in confirming the head of the CFPB are paramount.

We have been deeply disappointed by recess appointments in the last few months and trust that you will agree that the role of the CFPB is far too critical to be handled without the advice and consent of the Senate and the full public airing of relevant issues that that entails. Our constituents expect greater transparency from their government, and we look forward to your cooperation in making that possible by avoiding a recess appointment for this key position.

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