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Rubio protects Wall St., instead of consumers

Florida Today: Rubio protects Wall St., instead of consumers
Written by Brad Ashwell, Consumer advocate Florida Public Interest Research Group, Tallahassee
Last Thursday, despite strong support from diverse organizations and leaders seeking to protect consumers, the military, students and older Americans from financial tricks and traps, the Senate failed to confirm the well-qualified nominee, Rich Cordray, to head the new Consumer Financial Protection Bureau.

We commend Sen. Bill Nelson, D-Orlando, for his vote to stand up for consumers against Wall Street by voting in favor of confirming Cordray.

Unfortunately, Sen. Marco Rubio, R-West Miami, voted no on Cordray. That’s a vote against consumer-protection and against Florida’s hard-working families trying to avoid financial tricks. Without a director, the CFPB remains a second-class regulator without full authority over either the Wall Street banks that destroyed the economy or the payday lenders seeking to pick consumer pockets.

Opponents make the false claim the CFPB is an unaccountable “monster,” even though its structure, independence and funding are no different than those of other bank regulators. Opponents want it killed, not changed.

Those senators, including Rubio, chose to vote to protect Wall Street instead of protecting hard-working consumers. They’re now on record, and our citizens should ask them why they opposed the nation’s first financial regulator with only one job, protecting consumers.

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