President Barack Obama named Richard Cordray as head of the Consumer Financial Protection Bureau via a recess appointment on Wednesday. It was a controversial move for the president, prompting Senate Republicans to accuse him of making a power grab and abusing executive authority. Indeed, Republican resistance to confirming the former Ohio attorney general for the post prompted the recess appointment. The CFPB would be unable to fulfill its mission without a leader at the helm, according to the administration.
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Appointment of Consumer Protection Head Ignites Political Furor
Posted by: Erika Morphy January 5, 2012 11:39 AMPresident Barack Obama named Richard Cordray as head of the Consumer Financial Protection Bureau via a recess appointment on Wednesday. It was a controversial move for the president, prompting Senate Republicans to accuse him of making a power grab and abusing executive authority. Indeed, Republican resistance to confirming the former Ohio attorney general for the post prompted the recess appointment. The CFPB would be unable to fulfill its mission without a leader at the helm, according to the administration.