Richard Cordray’s confirmation to the Consumer Financial Protection Bureau removes previous limits on the agency’s power and makes the agency fully legitimate, according to Sen. Elizabeth Warren, D-Mass.
“It took nearly two years, but … now the American people will have a strong watchdog in Washington,” Warren said. “David beat Goliath.”
“The consumer agency is the law of the land and is here to stay,” she added in a statement.
The CFPB, Warren’s brainchild, has been fraught with controversy since its creation. After Cordray’s confirmation, Republicans declared they would continue to push for changes to limit the agency’s power.
Source: Mother Jones