The rumors started to fly yesterday, and today they were confirmed: President Obama is using executive recess appointment powers to appoint former Ohio Attorney General Rich Cordray to head the newly created Consumer Finance Protection Bureau. He’s expected to make the formal announcement this afternoon when he speaks at Shaker Heights High School.
Republicans had blocked his appointment in the Senate — not, they made clear, because they disliked Cordray or thought he was unqualified, but because they were disagreed with the bureau’s very creation during the last Congress and aimed to informally repeal the law by keeping it from taking effect. The early December vote was 53 in favor of confirming Cordray, 45 against. Thanks to the Senate’s odd procedural rules, the minority prevailed.
Undoubtedly, some were concerned that Cordray will be TOO effective is stopping some of the predatory practices of big financial institutions, given his track record in Ohio. While attorney general, he attracted national attention for suing companies for ripping off ohio citizens and winning hundred of millions of dollars in settlements for the state.
One of the first stepping up to congratulate Cordray was progressive heroine Elizabeth Warren, who set up the bureau and was Obama’s initial choice to head it. She’s now running for the U.S. Senate from Massachusetts and she posted on her campaign website.
Thanks to President Obama’s recess appointment, the Consumer Financial Protection Bureau gets its first director — and its full powers — with Richard Cordray. For months, determined as ever to protect Wall Street and the big banks instead of you, Republicans stymied the agency from doing its job by filibustering Cordray’s nomination. But they cannot block this appointment.
Meanwhile, Speaker of the House John Boehner (Oh-08) whined that something done repeatedly by Bush, Clinton, Bush Sr., Reagan etc etc, is “an unprecedented power grab.” — Anastasia Pantsios
This article appears in Dec 28, 2011 – Jan 3, 2012.
The republican party is its’ own worst enemy. They lost all respect when they made as their number one priority to make Obama look bad so that he does not win a second term. They spelled that negative goal out with every candidate and every action in which they have taken from day one of Obama’s presidency. How many CEO’s would allow co-workers to work against them at every juncture? I see republicans in business all over the place who would rather not hire people now for fear it would help defeat their hatred for liberals and our president. Up until recently the republicans would openly push their politics down their employees throat. This is the result of turning our businesses over to MBA’s, lawyers, CEO’s who care only about the shareholders and the upper management and say the hell with the workers and the customers. They send our jobs out of our communities and then man-handle those who escaped the cuts. OWS was long over-due and I am so happy with the young (and old) folks who have supported this basic movement. Money should not have absolute control of any government, and using money as a weapon against the people should not be tolerated. We do not have ecconomic problems. We have litigation and political problems. Each giant corporation has taken all in which they can take and are still angry and feel they deserve more. Give em’ hell Anastasia and don’t listen to any of the hateful pricks who would keep us down.
Richard Cordray got “all the newspaper endorsements” when he ran for Ohio Treasurer in 2006. He is going to do a great job.
He would make a great governor, too.
And not only will he go after Wall Street, but he goes after individuals (CEOs and such) as well. This guy is getting incredibly good press from all media forms other than republican owned papers like the Dispatch. Cordray has a hero-like image of extreme intelligence and fearlessness where big and powerful money guys are concerned. Look out big business crooks, your parachutes may not open.