Mary Jo White & Richard
Cordray Will Fight for the American People
In this week’s address, President
Obama discussed his nomination of Mary Jo White to lead the Securities
and Exchange Commission and Richard Cordray to continue as Director of
the Consumer Financial Protection Bureau. The President signed into law
rules of the road to reform Wall Street and protect consumers, and these
two individuals will be the tough cops on the beat to enforce the law
and protect middle class Americans.
Remarks of President Barack Obama
The White House
January 26, 2013
Hi, everybody. Here in America, we know the free market is the greatest
force for economic progress the world has ever known. But we also know
the free market works best for everyone when we have smart, commonsense
rules in place to prevent irresponsible behavior.
That’s why we passed tough reforms to protect consumers and our
financial system from the kind of abuse that nearly brought our economy
to its knees. And that’s why we’ve taken steps to end taxpayer-funded
bailouts, and make sure businesses and individuals who do the right
thing aren’t undermined by those who don’t.
But it’s not enough to change the law – we also need cops on the beat to
enforce the law. And that’s why, on Thursday, I nominated Mary Jo White
to lead the Securities and Exchange Commission, and Richard Cordray to
continue leading the Consumer Financial Protection Bureau.
Mary Jo White has decades of experience cracking down on white-collar
criminals and bringing mobsters and terrorists to justice. At the SEC,
she will help complete the task of reforming Wall Street and keep going
after irresponsible behavior in the financial industry so that taxpayers
don’t pay the price.
Richard Cordray is a champion for American consumers. After the Senate
refused to allow Richard an up-or-down vote when I nominated him in
2011, I took action to appoint him on my own. And since then, he’s
helped protect Americans from predatory lenders, launched a “Know Before
You Owe” campaign to help families make smart decisions about paying for
college, and cracked down on credit card companies that charge hidden
fees. But Richard’s appointment runs out at the end of the year, and in
order for him to stay on the job, the Senate needs to finally give him
the vote he deserves.
President, my top priority is simple: to do everything in my power to
fight for middle-class families and give every American the tools they
need to reach the middle class.
That means bringing in people like Mary Jo and Richard whose job it is
to stand up for you. It means encouraging businesses to create more jobs
and pay higher wages, and improving education and job training so that
more people can get the skills that businesses are looking for. It means
reforming our immigration system and keeping our children safe from the
menace of gun violence. And it means bringing down our deficit in a
balanced way by making necessary reforms and asking every American to
pay their fair share.
I am honored and humbled to continue to serve as your President. And I
am more hopeful than ever that four years from now – with your help –
this country will be more prosperous, more open, and more committed to
the principles on which we were founded.