I want to make sure you heard a piece of news from Capitol Hill today.
This morning, Holly Petraeus, who has been leading an office at the Consumer Financial Protection Bureau to protect military families, went to Capitol Hill to highlight some of the most abusive practices our service members face in today's financial marketplace.
She explained that military families are the targets of predatory lenders. She talked about how many service members and their families struggle to make ends meet -- especially during deployments. And she said that the CFPB will help combat the lenders who try to take advantage of people with deceptive, unfair, and abusive lending practices.
But here's the thing: The Senate still hasn't confirmed President Obama's nominee to lead the CFPB, a former Attorney General from Ohio named Rich Cordray. The bureau needs a director to fully ensure that the debt collectors, private student loan providers, and payday loan providers are properly supervised and that consumers are not put at risk of falling prey to the same kinds of abusive practices that helped cause the worst financial crisis since the Great Depression.
Rich has spent his career advocating for middle class families, and enjoys broad, bipartisan support from the elected officials, business leaders, and consumer groups who have worked with him.
Holly Petraeus is the daughter of a decorated general, wife of a four-star general, and mother of an Army soldier who served in Afghanistan. I don't know if there's anyone who better understands what it means to be part of an American military family.
She just gets the stress and challenges that those who serve in uniform, as well as their loved ones, face.
And that's exactly why she joined the CFPB, to safeguard our military personnel and their families.
Republicans in Congress could be taking steps to grow the economy by passing the American Jobs Act. There is no reason why John Boehner should send his members home to their districts without passing a single measure President Obama has proposed to help put the country back on track. Nor is there any reason why the Senate should require 60 votes on these proposals. Republicans could be helping to ensure that every American family gets a tax cut. And Republicans should be working to protect consumers by confirming Rich Cordray.
We can't wait. That's why I want you to hear from Holly Petraeus. I want everyone to understand how much sense it makes for the Senate to put Rich Cordray to work.
Vice President Joe Biden