Murkowski Comment on Cloture Vote Against Richard Cordray

“Fatally Flawed Bureaucracy” Should Not Move Forward Until Fixed

WASHINGTON, D.C. – Senator Lisa Murkowski today voted against the cloture motion on the confirmation of Richard Cordray, nominee to head the newly-created Consumer Financial Protection Bureau.  She had the following statement afterwards:

“My decision to oppose cloture on Mr. Cordray’s nomination wasn’t due to his credentials, but due to my concerns regarding the structure of the Consumer Financial Protection Bureau itself.  Everyone agrees that Wall Street reform is necessary but the CFPB created by the Dodd-Frank bill is a massive new and unaccountable Washington bureaucracy that reports to no one, has no oversight and has an absolutely insufficient degree of accountability.

“No one disputes that Wall Street needs intelligent reform or that Americans deserve heightened transparency – but neither of these goals are met by Dodd-Frank.  I can’t put someone into the Director’s position of a fatally flawed bureaucracy, until we address the critical accountability issues.”