WASHINGTON, D.C.-U.S. Senator Susan Collins today voted to proceed to consideration of the nomination of Richard Cordray to become the Director of the Consumer Financial Protection Bureau (CFPB).
Following the vote, Senator Collins issued this statement:
"Mr. Cordray is clearly a qualified individual with a good reputation. I have repeatedly made clear to the White House that my concern was never with the nominee, but rather with the lack of accountability for how money would be spent by this agency. Under the Dodd-Frank law, the CFPB's budget can be as high as $500 million, and it's actually up to the head of the agency to decide what his or her budget should be without any input from or accountability to Congress.
"During debate over the Dodd-Frank bill, I raised these concerns and supported an amendment that, instead of creating an entirely new agency, would have created a division within the Federal Deposit Insurance Corporation (FDIC) to handle consumer protection.
"I met with Mr. Cordray in April 2013 and had a further conversation with him today in which he promised to brief the Appropriations Committee on CFPB's finances and expenditures. I consider that to be a major breakthrough in terms of accountability, and for that reason, I am comfortable supporting Mr. Cordray's nomination.
"In addition, I am joining Senator Rob Portman (R-OH) on legislation to create a dedicated, Senate-confirmed Inspector General for CFPB to help ensure proper oversight."