Obama bucks GOP, OKs consumer watchdog

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by Associated Press

NWCN.com

Posted on January 4, 2012 at 7:51 AM

WASHINGTON, D.C. -- 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.
 

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