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Crapo Statement on Cordray Nomination

Washington, D.C. - Idaho Senator Mike Crapo, expected ranking Republican on the Committee on Banking, Housing and Urban Affairs, made the following statement after President Obama's announcement that he will re-nominate Richard Cordray as Director of the Consumer Financial Protection Bureau:

"Today's decision to re-nominate Richard Cordray to be Director of the Consumer Financial Protection Bureau after using an unconstitutional recess appointment is premature, given the outstanding concerns about the bureau and the legal challenge to the recess appointment," Crapo said.  "Until key structural changes are made to the bureau to ensure accountability and transparency, I will continue my opposition to any nominee for director, as outlined in a letter signed by 45 Republican Senators to the president.  If the president is looking for a different outcome, the administration should use this as an opportunity to work with us on the critical reforms we have identified to him."