Warren: Consumer Financial Protection Bureau is 'here to stay'

Senate Majority Leader Harry Reid (D-Nev.) has threatened to use the “nuclear option” — changing the Senate rules with a simple-majority vote — in order to thwart Republican obstruction on seven of President Obama’s cabinet nominees. 

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One of the nominees Republicans have been blocking is Cordray. Warren said Republicans have opposed Cordray to protect “big banks.”

“I don’t understand why we would let a honorable public servant like Rich Cordray get stuck in this broken system,” Warren said. “They think they can shut down the agency and protect the big banks from any meaningful banking rules.”

The CFPB was designed to establish banking rules to protect consumers who were being taken advantage of by creditors. Warren said Cordray should be confirmed to lead the agency because the banks and consumers need certainty.

“The banks need to know for sure who is in charge and what rules apply,” Warren said. “They need to know that everyone will be playing by the same rules and what those rules will be.”

Warren was one of President Obama’s first picks to lead the CFPB, but Republicans blocked her nomination.

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