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Committee on Financial Services

United States House of Representatives

Press Release

Waters calls for Hensarling to Allow CFPB Director Cordray to Fulfill Legal Mandate

April 23, 2013

WASHINGTON – Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today sent the attached letter to Chairman Jeb Hensarling, responding to his refusal to allow Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), to testify before the Committee.  Mr. Hensarling declared his intention to block Director Cordray in a letter released yesterday in which he claims that President Obama’s recess appointment of Cordray was unconstitutional.

In her letter to Chairman Hensarling, Ranking Member Waters contests his claim that the appointment of Director Cordray was unconstitutional.  She points out that in a previous letter to the CFPB, Mr. Hensarling himself concedes that no court has addressed the legitimacy of the President’s appointment.

The Wall Street Reform and Consumer Protection Act mandates that the Director of the CFPB testify before Congress on a semi-annual basis.  Today, Director Cordray is fulfilling that legal mandate by appearing before the Senate Banking Committee.

In her letter, Ranking Member Waters further states that if Chairman Hensarling refuses to allow Director Cordray to testify she is “prepared to use the rules of the Committee to provide the Director the opportunity to give testimony before the Committee.”


 

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