financialservices.house.gov
Cmte Financial Services (R)
Contact:
Hensarling Responds to News of Cordray Resignation
Washington, Nov 15 -
WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX), the sponsor of the House-passed Financial CHOICE Act, issued the following statement today in response to Richard Cordray's announcement that he will resign as head of the CFPB: “We are long overdue for new leadership at the CFPB, a rogue agency that has done more to hurt consumers than help them. The CFPB tramples on the fundamental economic rights of American citizens, taking away their choices and opportunities. The extreme overregulation it imposes on our economy leads to higher costs and less access to financial products and services, particularly for Americans with lower and middle incomes. It has routinely denied market participants their due process rights. All this harm is made even worse by the fact that the CFPB is structurally unconstitutional and completely unaccountable to the American people.