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.