Kustoff Statement on Richard Cordray’s Resignation
Washington, D.C. – U.S. Representative David Kustoff (TN-08) today released the following statement on Richard Cordray's announcement that he will resign as head of the Consumer Financial Protection Bureau (CFPB).
“With the unelected and unaccountable Richard Cordray at the helm, the CFPB has utterly failed to fulfil its primary purpose, which is to protect American consumers,” said Congressman Kustoff. “In fact, the CFPB’s excessive regulation has stifled the American dream and made it harder for West Tennesseans to access the loans they need to pay for college, buy a home or grow a small business. No unelected bureaucrat should have such sweeping powers, especially without Congressional oversight. I am glad President Trump will have the opportunity to choose a new director who will pursue significant reforms at the CFPB, and I will continue working with my colleagues on the Financial Services Committee to create more protections and opportunities for American consumers.”
Congressman Kustoff is a member of the House Financial Services Committee, serving on three subcommittees for the 115th Congress: Financial Institutions and Consumer Credit, Oversight and Investigation and Terrorism and Illicit Finance. He previously served as the U.S. Attorney for the Western District of Tennessee under President George W. Bush.