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Obama: ‘I Won’t Take No For An Answer’ in Appointing Consumer Protection Chief
Posted By yihan On January 5, 2012 @ 5:30 am In Economic Crisis,Featured Stories,Tile | Comments Disabled
….Without Senate Confirmation
Thursday, January 5, 2012
President Barack Obama, hitting a key swing state on Wednesday, defended his decision to recess appoint Richard Cordray to head the Consumer Financial Protection Bureau (CFPB) without Senate confirmation while the Senate is technically in session and retains the constitutional authority to confirm such appointments.
Last year, Obama nominated former Ohio Attorney General Richard Cordray to run the CFPB, which was established by the controversial Dodd-Frank financial reform law in 2010. Obama spoke on Wednesday in Cordray’s home state at the Shaker Heights High School in Shaker Heights, Ohio.
“Without a director in place, the consumer watchdog agency we’ve set up is left without the tools it needs to prevent dishonest mortgage brokers, payday lenders, and debt collectors from taking advantage of consumers,” Obama said. “That’s inexcusable. It’s wrong. And I refuse to take no for an answer.”
Obama said Cordray has the support of Republican and Democratic state attorneys general from across the country, and of a majority of the Senate.
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