Tell Sen. Kirk to support Cordray and Watt this week

Written by Dan Fair on July 15, 2013 - 12:25pm

Two incredibly important votes are scheduled this week in the U.S. Senate. The nomination of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB) is set to be voted on by the full Senate, while the nomination of Congressman Mel Watt to lead the Federal Housing Finance Agency (FHFA) is scheduled in the Senate Banking Committee. Both votes will likely happen tomorrow, so we must act now.

Both nominations are critical for Illinois consumers, and Illinois Senator Mark Kirk will be a key swing vote on both.

Under Richard Cordray’s leadership, the CFPB has worked tirelessly for consumers. The agency has returned millions of dollars to victims of financial scams, established a complaint database for consumers, and issued rules on some of the most predatory financial products.

Despite the incredible number of things the CFPB has accomplished in two years—and 7,000 Illinoisans signing a letter asking Senator Kirk to support Cordray’s nomination—the Senator has withheld support for political reasons.

The FHFA has not been nearly as effective as the CFPB. Current acting director Ed DeMarco has refused to let Fannie Mae and Freddie Mac use principal reduction as a means of preventing foreclosures. We know that principal reduction is a proven method of keeping people in their homes. Mel Watt will put preventing foreclosures at the top of FHFA’s agenda.

With more than 40 years of housing experience in Congress and as a business lawyer, Watt clearly has the qualifications to make the housing market work again.

The financial lives of millions of Americans are at stake, and holding up the nominations of Richard Cordray and Mel Watt put them at risk. Tell Senator Kirk to support Richard Cordray and Mel Watt:

Take action now!

1. Call Senator Kirk’s office at (202) 224-2854 and select #3 to speak to a staff member.

2. Leave him a brief message either with his staff or on his voicemail.

(a) Hi, my name is ___________ and I live in ___________.

(b) I’m calling to urge Senator Kirk to vote in favor of confirming Mel Watt as the head of the FHFA (Federal Housing Finance Agency) and Richard Cordray as head of the CFPB (Consumer Financial Protection Bureau). How does the Senator plan to vote?

3. Let us know how your call went! Contact Courtney Eccles at 312-368-0310 or ceccles@woodstockinst.org.