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Melissa Hincha-Ownby

Richard Cordray to head consumer protection agency

President Obama's recess appointment to lead the consumer watchdog group is met with both praise and scorn.

Thu, Jan 05 2012 at 1:41 PM EST
 3

Mortgage paperwork Photo: Casey Serin/Flickr
The game of politics reared its ugly head last year with major decision after major decision facing delays because of the do-nothing Congress. Yesterday President Obama avoided yet another delay by appointing Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB) while Congress is in recess. This recess appointment was met with both praise and scorn.
 
According to a Fox News article, the U.S. Chamber of Commerce was so riled by the Cordray appointment that it may suing the Obama administration.
 
"To say we are disappointed in the move by the president today would be a gross understatement," Chamber President Tom Donohue said in a statement. "This controversial appointment is unprecedented, constitutionally questionable, and puts the authority of the director and the validity of the bureau’s work in legal jeopardy. What's more, it ignores repeated calls to reform the bureau by restoring basic checks and balances." Source: Fox News
 
While one may think that the support of Cordray’s appointment would closely follow party lines, this is not the case. The Huffington Post is reporting that Republican Sen. Scott Brown of Massachusetts supports this recess appointment.
 
I’m more concerned with what the CFPB will do to protect everyday Americans, you and I, than I am with what the Chamber of Commerce or a Republican senator thinks of the appointment. So what kind of protections can we expect out of the new agency?
 
The agency aims to educate the public on personal financial topics, enforce federal consumer financial protection laws and research consumer complaints. The agency will also keep an eye on new financial products that may prove risky for consumers.
 
Learn more about how the agency can help you by visiting the White House blog: Consumer Financial Protection Bureau 101: Why We Need a Consumer Watchdog.
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anonymous
Greg 01/05/2012 20:17 PM

The biggest reason that Repubs and the Chamber of Commerce are upset is that this guy will lead an organization to make sure that people are not "fooled" into making bad decisions and will be protected against a "profit -over-everything" philosophy that these repubs and the Chamber not only want, but protect, promote, and actually admire. That is what pure capitalism is, "profit-over-everything"....which includes health, environment, jobs(outsourcing), responsibility to our country...etc. I.... More

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David Rumsey 01/05/2012 13:19 PM

I am amazed that the vast majority of Americans can not see what is going on. Rebulicans and banking lobbies are doing their best to impeed the progress of this watchdog agency. These are the same folks who sent our Country into a financial tail spin and begged for help out of the mess they caused. Let do what is best for the vast majority of hard working Americans.

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anonymous
Frank A. Henry 01/05/2012 14:17 PM

Unfortunately, many American's feel that people/corporations will do the "right thing" the government itself is one of the biggest polluters and in New Jersey we have a number of super fund pollution areas. In Pompton Lakes and Ringwood are two areas left with chemicals and paint left from manufacturing of automobiles. These two sites are polluting the entire area around them. Expedience and saving money is the driving force for many corporate decision. Greed and money drive 90 percent of.... More

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