Unlawful for Trump to Fire Consumer Bureau’s Director Like It’s His Reality Show

Cordray’s Work Has Been A Cause For Celebration, Not Dismissal


 

WASHINGTON, D.C. – Today, following the suggestion of Gary Cohn, President Trump’s National Economic Council director and the former president of Goldman Sachs, calling for the replacement of Consumer Financial Protection Bureau’s director, Richard Cordray, Allied Progress released the following statement from its executive director, Karl Frisch:

If President Trump moves to dismiss CFPB director Richard Cordray, he will be overstepping his constitutional authority. Contrary to what Trump may think, this is not his reality show. He can’t just run around firing people.”

Millions of Americans have felt the impact of Richard Cordray’s work as the Consumer Bureau’s director. Under his leadership the CFPB has returned more than $12 billion to 27 million Americans who have been wronged by credit card companies, payday lenders, debt collectors and other predatory financial industries. Director Cordray’s work is a cause for celebration, not dismissal.”

It is hardly surprising that President Trump has tasked Gary Cohn to lead the fight against Cordray and the Consumer Bureau. Before coming to work for Trump he was the president of Goldman Sachs. The last thing big banks like Goldman want is an aggressive consumer watchdog that holds corrupt financial institutions accountable.

Karl Frisch is available to speak to members of the media regarding Trump’s efforts. Contact Mike Czin at 202-286-7654 or mczin@skdknick.com.

Trump Can’t Just Fire Cordray

There Is Not Cause to Dismiss Cordray

  • Under Director Cordray’s leadership, the CFPB has provided nearly $12 billion in relief to 27 million Americans in its first five years. Under his leadership the CFPB has also successfully resolved more than ninety enforcement cases against both big banks and small-time fraudsters. [Consumer Financial Protection Bureau, “Factsheet: Enforcing Federal Consumer Protection Laws,” July 13, 2016; Ben White and Andrew Hanna, “The Permanent Crisis in Banking,” Politico, October 6, 2016.]

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Allied Progress is a nationwide, progressive advocacy organization that uses hard-hitting research and creative campaigns to hold Wall Street and powerful special interests accountable. Since launching in 2015, the organization has led high-profile campaigns on several issues including reforming the payday lending industry and exposing the those working to cripple the Consumer Financial Protection Bureau (CFPB).

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