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Ryan: Cordray is good choice



Published: Thu, January 5, 2012 @ 12:08 a.m.

photo

President Barack Obama shakes hands with Richard Cordray in Shaker Heights, Ohio. In a defiant display of executive power, Obama on Wednesday bucked GOP opposition and appointed Cordray as the nation’s chief consumer watchdog.

SEE ALSO: Ryan calls on EPA, others for answers on quakes

By Ed Runyan

runyan@vindy.com

WARREN

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, D-17th, said lack of oversight of Wall Street is the reason for the national economic collapse of 2008 and the foreclosure crisis.

In 2008, the U.S. Securities and Exchange Commission was “defunded, defanged. There were no teeth in any of the laws, and where there were teeth, there weren’t any personnel in place because the budgets had been cut.

“All you have to do is walk into some of the neighborhoods here [in the Mahoning Valley] and see the level of foreclosures that came about because of the collapse of the housing industry and the economy, where everybody knew years in advance that something wrong was going on, and something really bad was going to happen, but their behavior continued,” Ryan said.

“All of these were because there weren’t cops on the beat watching the financial markets,” Ryan said. “And everybody who plays sports knows you can’t have a game without referees or someone ultimately ends up cheating.”

The top Senate Republican, Minority Leader Mitch McConnell, said Obama had “arrogantly circumvented the American people” and endangered the nation’s systems of checks and balances. Republican Sen. Orrin Hatch of Utah called it a “very grave decision by this heavy-handed, autocratic White House.”

Chris Redfern, Ohio Democratic Party chairman, issued a statement saying Cordray “is not afraid to stand up to the most powerful and greedy corporate interests in our country in order to strengthen the middle class.

“He has already taken on these battles and won — recovering billions of dollars for Ohio families and small businesses [as Ohio attorney general]. He repeatedly fought all the way to the U.S. Supreme Court to stand up for Ohioans.”

Obama introduced Cordray as the new agency director from a high school in the Cleveland suburb of Shaker Heights.

Cordray’s nomination will become official later in the week, the White House said. He is expected to serve until at least the end of 2013, which is the end of the Senate’s next session.

The Associated Press contributed to this report.


Comments

1ytownsteelman(631 comments)posted 2 years, 10 months ago

But nobody is talking about what this new bureaucracy is going to do, and how it will do it better than any of the other bureaucracies already in existence. Just more Federal employees mudding up the works and sucking away our tax money.

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2db(280 comments)posted 2 years, 10 months ago

Spot on steelman. Just more government employees on the dole.

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3Dan_Moadus(33 comments)posted 2 years, 10 months ago

It is sad that Tim Ryan does not have the moral courage to speak out against Obama trampling on the Constitution as he is doing in these appointments.

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4Muskiemouth(17 comments)posted 2 years, 10 months ago

The financial meltdown happened because of lack of regulation. If nobody is there to watch them, our best and brightest have nothing better to do than invent new ways to tweak the system so that it works for them a little better than it does for everyone else. Healthy self-interest morphed into avarice in the presence of all that loot, a common story, and the reason watchdogs are always needed. To say Mr. Cordray is not needed is to say you don't understand what happened and you're ready for the riverboat gamblers to be back in charge.

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5candystriper(575 comments)posted 2 years, 10 months ago

Tim also thinks the CEO of Kodak was a good pick for President Obama's Jobs Committee...lol

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6bsdtwd(40 comments)posted 2 years, 10 months ago

Obstruction is not governing. The Cantor (see "smug") wing in the House and the McConnell faction in the Senate have done nothing but attempt to derail Obama's Presidency from day one. They don't care one bit about the destruction of the middle class. In fact, that's their second goal. The President has to act if they refuse. History will show how pernicious this type of "ideology at any cost" is. The American people are smarter than the right wing gives them credit for. The right wingers want government out of their lives unless your a woman. They'll make those really personal and medical decisions for you with draconian laws. In other words, they are hypocrites. Plain and simple.

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7rocky14(717 comments)posted 2 years, 10 months ago

I don't think the big banks and Wall Street should be regulated just because they put us in The Great Recession.

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8db(280 comments)posted 2 years, 10 months ago

rocky, you have a low IQ. Our current great recession is caused by Bill Clinton's free trade policies (NAFTA/CAFTA/GATT) and the housing bill of Chris Dodd & Barney Frank which required banks to provide mortgage loans to people who could not repay them. These events are both the work of your beloved Democrats who have morphed into socialists pursuing a European progressive agenda (already bankrupting Greece, Italy, Spain, & Portugal). Obama has been a disaster and is attempting to destroy America. If you like czars and socialism, move to Cuba; you'll starve along with them.

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