Cordray: I want to work for consumers

CNN’s Wolf Blitzer spoke with the new director of the US Consumer Financial Protection Bureau Richard Cordray about his controversial appointment, oversight of his bureau and his first day duties. A highlight from the interview is after the jump.
Please credit all usage of the interview to CNN’s The Situation Room with Wolf Blitzer

Highlight from Full Interview
THIS IS A RUSH FDCH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

BLITZER:  There was a criticism that the lead editorial in “The Wall Street Journal” today leveled against the new agency and, to a certain degree, you, entitled, “Contempt for Congress.”  “Republicans have said they’d be happy to confirm him” — meaning you — “if Mr. Obama agrees to reforms of the bureau that would make it more accountable to elected officials and subject to congressional appropriations.  As it stands, the bureau is part of the Federal Reserve, but Mr. Cordray sets his own budget and doesn’t report to the Fed chairman.”

Is all that accurate?

CORDRAY:  The reality is that we, as a bureau, are subject to plenty of oversight.  We have to do audits and reports that go beyond what other agencies do to Congress.  We are subject to a potential veto on a rule making that no other agency is subject to.  But the key thing here is that we have a job to do to protect consumers.

The American people know this is an important job.  They like the concept of having a consumer watchdog.  They know the struggles that they, their family members, their friends, people in their community are having over mortgage problems, over credit card problems, over payday loan problems, and they want to know that someone is going to stand on their side, protect them against fraud, and make these markets work for consumers.

That’s our job, and we’re going to do it
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