Consumer Bureau Chief Renominated

Consumer Bureau Chief Renominated Photo (cc) by ProgressOhio

ABC News reports…

But the real controversy came as Republicans repeatedly blocked Cordray’s nomination [in 2011]. After six months of partisan bickering in Congress and all rule-making brought to a standstill at the Consumer Financial Protection Bureau, Obama invoked executive authority to put [Richard] Cordray in place.

He used a “recess appointment” – making the decision when Congress is not in session – to put him to work a year ago, and so far he’s helped the CFPB do a lot, including implementing new mortgage protections, fining big banks over $400 million for credit card services people didn’t want or know about, and assuming oversight of credit reporting agencies.

Some have challenged the legality of the appointment. But even if it was perfectly legitimate, because of the way he was appointed, Cordray can’t stay on much longer without Congressional approval. If his renomination isn’t accepted, he’ll leave the job at the end of the year.

Popular Articles

27 Money-Saving Ways to Use Vinegar in Every Room of Your Home
27 Money-Saving Ways to Use Vinegar in Every Room of Your Home

Vinegar is arguably the most versatile product in your house. If you aren’t using it for all of these purposes, you’re probably wasting money.

5 Ways to Keep Your Aging Brain Sharp
5 Ways to Keep Your Aging Brain Sharp

Forget young at heart — science says these tricks will keep you young in mind.

8 Reasons You Need to Stay Fit After Age 50
8 Reasons You Need to Stay Fit After Age 50

The benefits are huge when you make exercise part of your life as you age. Saving money is just one reason to get started.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Trending Stories

Comments

960 Active Deals

More Deals