Ryan lauds Obama’s bold statement in Cordray appointment
U.S. Rep. Tim Ryan of Niles says President Barack Obama’s decision Wednesday to defy Republican lawmakers and install former Ohio Attorney General Richard Cordray as a national consumer watchdog is great for the Mahoning Valley and a bold statement.
“Rich Cordray is a friend to all of us here in the Mahoning Valley, and he’s a strong advocate,” Ryan said during a Wednesday news conference at his Warren office.
“It’s exciting that President Obama is saying Wall Street has misbehaved, and he’s gonna take every measure possible to make sure we have the proper agency in place to monitor Wall Street and the proper person in place to protect the consumer.”
Obama named Cordray the first director of the Consumer Financial Protection Bureau, and the move has provoked GOP threats of a constitutional showdown in the courts.
Republicans had blocked Cordray’s appointment, expressing concerns not about Cordray but about the powers of the agency.
U.S Sen. Rob Portman of Ohio, a Republican, said in a Wednesday statement that he has “strong concerns about the impact this new regulator would have on all of us as consumers, on job creation, and on our economy.”
He added, “No other federal regulator has so much authority over personal economic decisions, with so little responsibility to answer to the American people and their elected representatives.”
But Ryan, a Democrat, said lack of oversight of Wall Street is the reason for the national economic collapse of 2008 and the foreclosure crisis.