Business Leaders Support President Obama’s Appointment of Richard Cordray as CFPB Director

Amercian Sustainable Business Council

FOR IMMEDIATE RELEASE:  January 4, 2011

CONTACT:  Amy Kennedy, 703-302-8392; Tanara Bowie, tbowie@tigercomm.us, 703-302-8383

WASHINGTON, DC—Today, the American Sustainable Business Council (ASBC), a network of business organizations representing more than 100,000 companies and 300,000 business leaders, applauded President Obama’s appointment of Richard Cordray as head of the Consumer Financial Protection Bureau (CFPB).

ASBC also released the following quotes from small business leaders:

“With news this week that Bank of America is forcing small businesses into bankruptcy by calling loans of owners in good standing, it is clear that the small business community needs a strong CFPB to represent our interests," said Frank Knapp Jr., President of the South Carolina Small Business Chamber of Commerce and Vice Chair of the American Sustainable Business Council. “Small business paid a devastating price for an unregulated Wall Street and greedy bank practices. With Director Cordray at the helm, the CFPB will be fully functional and ready to protect consumers and small businesses from another Great Recession.”

“After many small businesses owners had to close shop because faulty mortgages endangered homebuyers and responsible lenders, American needs a strong CFPB under the leadership of Richard Cordray” said Mitch Rofsky, president of Better World Club, the only environmentally-friendly auto club, and an ASBC member. “As a small business owner, I’m glad he did it in time to prevent the next bubble.”

“Director Cordray is unquestionably qualified to lead the CFPB and we commend the President’s decision to make this recess appointment . This bold move will protect both consumers and businesses from deceptive and dangerous financial products and excessive speculation,” said David Brodwin, co-founder of ASBC. “ASBC supports strong financial protections to end the reckless lending practices that killed consumer confidence, strangled credit for small business, and destroyed millions of American jobs.”

To read ASBC’s, and more than 100 business leaders’ and organizations’ letter supporting Richard Cordray as CFPB director, please go to: http://www.asbcouncil.org/uploads/Cordray_Confirmation_Sentate_Letter_12.6.2011.pdf           

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The American Sustainable Business Council is a growing coalition of businesses and business networks representing over 100,000 businesses and more than 300,000 entrepreneurs, owners, executives and investors committed to advancing policies that support a vibrant and sustainable economy. www.asbcouncil.org.