Obama Bucks GOP, OKs Consumer Watchdog

Senior administration officials tell The Associated Press that President Barack Obama will use a recess appointment to name Richard Cordray as the nation's chief consumer watchdog despite strong Republican opposition.
by | January 4, 2012

WASHINGTON — Senior administration officials tell The Associated Press that President Barack Obama will use a recess appointment to name Richard Cordray as the nation's chief consumer watchdog despite strong Republican opposition.

With a director in place, the Consumer Financial Protection Bureau will be able to start overseeing the type of financial companies often blamed for practices that helped send the economy into a downward spiral.

Obama's end run around the Senate is likely to cause an uproar among Republicans in Congress.

The White House contends the Senate's "pro forma" legislative sessions are a gimmick and therefore Obama has the power to make the short-term appointment. Cordray would serve for at least the next two years.

The officials spoke on condition of anonymity ahead of Obama's planned announcement in Ohio later Wednesday.

Copyright 2012 The Associated Press.

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