Senator Orrin Hatch (R-UT), the senior member and former Chairman of the Senate Judiciary Committee, issued the following statement regarding Richard Cordray’s decision to step down as head of the Consumer Financial Protection Bureau (CFPB).
“For some time, the CFPB has been a problem,” Hatch said. “Therefore, it’s high time that changes be made. With a leadership structure of dubious constitutionality, jurisdiction ill-defined but expansively seized, and a policy orientation that sews more chaos than settles expectations, it’s fitting that Mr. Cordray has decided to step down. We thank him for his service, but look confidently to the President to make the right choice in a replacement. I stand at the ready to assist in the legislative efforts which may well accompany new leadership at the Agency.”