January 4, 2012

Obama to jam new consumer bureau chief down senate's throat

Rick Moran
The senate has never technically adjourned since they left town right before Christmas. This has been a Republican ploy to prevent President Obama from appointing Richard Cordray as head of the new Consumer Financial protection Bureau during a formal recess. The GOP wants changes made to the structure of the Bureau which promises to generate a nightmare of red tape and legal exposure for financial services firms and consumers alike. Despite the senate's non-recess, Obama - as has been his wont - is ingoring the rules and will try to appoint Cordray anyway. Wall Street Journal: Senate Republicans have tried to prevent the White House from acting by keeping the Senate technically in "pro forma" session until senators return to Washington later this month. One way around the GOP maneuvering would have been for the White House to appoint Mr. Cordray during the short window in between congressional sessions. That window was open Tuesday morning, and some expected Mr. Obama to act then. But he didn't, and administration officials maintained.... (Read Full Article)

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