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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. 

“The resignation of the Bureau’s director is an excellent opportunity to enact desperately needed reforms.  The Bureau has an important mission.  Properly designed and led, it can truly protect consumers by ensuring they have access to competitive markets that are vigorously policed for fraud.  That’s the best way to provide consumers with more affordable choices for the financial products and services they want and need.  Americans deserve the opportunity to choose the checking account they want, the mortgage they want and the credit card they want.  I look forward to working with President Trump’s choice for CFPB director to protect consumers.”