Ohioan Richard Cordray Named As Nation's Chief 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. 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.