On a conference call with reporters Thursday morning prior to a Barack Obama Ohio campaign stop later in the day, Ohio Secretary of State and Republican Lt. Governor Candidate Jon Husted blasted the troubled tenure of Richard Cordray at the Consumer Financial Protection Bureau (CFPB). Ohio Republican Chairwoman Jane Timken also participated in the call.
Husted’s criticisms included the following four primary points:
1. There was #metoo culture at the CFPB.
There was rampant discrimination at the CFPB under Richard Cordray’s leadership. The agency was the worst of the worst of toxic workplaces, routinely employing discrimination and retaliation against employees. A survey of the workplace found that 25 percent of the African American, Asian, and female employees reported being discriminated against.
2. There was unchecked waste of taxpayer dollars at the CFPB.
Richard Cordray spent over $215 million in luxury renovations for the CFPB office. The renovation was so expensive, and such a failure that it was taken out of his control by the Federal Reserve. His actions on this Bellagio Hotel like renovation are a “failure of leadership,” Husted stated.
3. There was blatant overregulation at the CFPB.
Richard Cordray used the CFPB to overregulate small, community banks. “While big banks got bigger, small banks got crushed,” said Husted. “Cordray worked to put the little guy out of business.” During Cordray’s tenure at the CFPB Ohio went from having 238 banks to having just 135.
4. There was abuse of power at the CFPB for political gain.
Richard Cordray has mixed public service and politics. He hired Barack Obama’s media consultant, GMMB for a $43 million unbid public relations contract with the CFPB. When he left the CFPB he then hired GMMB as his media consultant for the campaign. Cordray parked GMMB at the government agency to subsidize their political work for him. “Richard Cordray was supposed to look out for taxpayers, but instead, taxpayers got ripped off,” said Husted.
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