Friday, July 29, 2011

In Letter to Senate Banking Committee Leaders, CEOs Support Cordray Nomination as CFPB Director

Against the backdrop of news reports that the Senate Banking Committee will hold hearings next week on Richard Cordray’s nomination to be the first Director of the CFPB, the CEOs of three major US companies expressed strong support for the Cordray nomination. In a letter to Committee Chair Tim Johnson (D-SD) and Ranking Member Richard Shelby (R-ALA, the CEOs said that they have worked with Mr. Cordray during his career in Ohio, and have the highest regard for his ability to partner and collaborate on the most important issues facing the business community. As a County Treasurer, State Treasurer and State Attorney General, they noted, he has been the epitome of the judicious and fair-minded public servant. He has impressed the CEOs with his intelligence, pragmatism, integrity, and service-oriented mindset. The letter was signed by Michael G. Morris, Chairman and CEO, American Electric Power, John E. Pepper Jr. Retired Chairman and CEO Procter & Gamble and Leslie H. Wexner Chairman and CEO Limited Brands.