Aaron Schock

Washington, Jan 4 -

Congressman Aaron Schock issued the following statement after President Barack Obama announced he intended to appoint Richard Cordray to head the Consumer Finance Protection Bureau (CFPB) through a recess appointment:

“This unprecedented maneuver is an absolute abuse of power by this Administration that will prevent any checks and balances to this rogue agency.

“I led the bipartisan charge in the House for a more practical approach; one that would put a council of regulators in place, rather than putting the power to regulate trillions of dollars of financial transactions in the hands of one politically appointed administrator. The decision by the President to bypass Congress has set a dangerous precedent for appointments to come.”

BACKGROUND
- In the 111th Congress, Congressman Schock and Congressman Walt Minnick (D-ID) spearheaded a letter to the Financial Reform Conference Committee Chairmen Barney Frank and Chris Dodd requesting they include language to establish a powerful council of regulators called the Consumer Financial Protection Council (CFPC) charged with establishing tough, new consumer regulations for all financial firms.

- In December of 2009, Schock and Minnick offered an amendment to H.R. 4173, the Wall Street Reform and Consumer Protection Act, to change the Consumer Financial Protection Agency (CFPA) to a powerful council of regulators called the Consumer Financial Protection Council (CFPC).  Unfortunately, the amendment failed by a vote of 208 to 223.

- In the 112th Congress, Schock voted for H.R. 1315, which passed by a bipartisan vote of 241-173 and is currently awaiting further action in the Senate. H.R. 1315 established a bi-partisan Commission to carry out all the duties that would have otherwise fallen to the Director of the CFPB, much like the above Schock-Minnick Amendment