SENATOR COLLINS’ STATEMENT ON CORDRAY NOMINATION VOTE
U.S. Senator Susan Collins released the following statement today after voting against consideration of Richard Cordray to become the head of the Consumer Financial Protection Bureau.
“I was one of three Republican Senators to vote for the comprehensive Dodd-Frank financial reform law, but I am opposed to confirming a nominee to head the consumer agency until we correct its serious structural flaws.
"It is inconceivable that, in this time of tight budgets, we would create a new agency that is completely unaccountable in terms of its budget.
"Under the Dodd-Frank law, this agency's budget can be as high as $500 million. It's actually up to the head of the agency to decide what his or her budget should be without input or accountability to Congress.
"This has nothing to do with Mr. Cordray with whom I met last week. He's clearly a qualified individual with a good reputation. It has everything to do with accountability for how money is spent in government.
"It makes no sense for a new agency to be created, no matter how noble the cause may be, where there is simply no accountability, no oversight for the budget.
“I am disappointed that rather than make any overture to remedy the serious concerns that have been raised, the White House instead chose to make this a partisan issue.”
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"It is inconceivable that, in this time of tight budgets, we would create a new agency that is completely unaccountable in terms of its budget.
"Under the Dodd-Frank law, this agency's budget can be as high as $500 million. It's actually up to the head of the agency to decide what his or her budget should be without input or accountability to Congress.
"This has nothing to do with Mr. Cordray with whom I met last week. He's clearly a qualified individual with a good reputation. It has everything to do with accountability for how money is spent in government.
"It makes no sense for a new agency to be created, no matter how noble the cause may be, where there is simply no accountability, no oversight for the budget.
“I am disappointed that rather than make any overture to remedy the serious concerns that have been raised, the White House instead chose to make this a partisan issue.”
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