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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWH: TODAY the President will appoint Richard Cordray to lead Consumer Financial Protection Bureau
posted on the White House blog by Dan Pfeiffer on January 04, 2012 at 10:45 AM EST
TODAY the President will appoint Richard Cordray to lead the Consumer Financial Protection Bureau. He has one important job: look out for the best interest of American consumers. Hell work on behalf of millions of families across the nation to ensure theyre not being taken advantage of by debt collectors and credit reporting agencies. As Americas consumer watchdog, Cordray will work to ensure that families and students dont get saddled with sky-high interest rates by mortgage or payday lenders. Bottom line: hell strengthen oversight and accountability in order to protect millions of families across the nation. This is an important step to protect the American people.
The President nominated Mr. Cordray last summer. Unfortunately, Republicans in the Senate blocked his confirmation. They refused to let the Senate go forward with an up or down vote. Its not because Republicans think Cordray isnt qualified for the job, they simply believe that the American public doesnt need a watchdog at all. Well, we disagree.
And we cant wait for Republicans in the Senate to act. Now, you might hear some folks across the aisle criticize this recess appointment. Its probably the same folks who dont think we need a tough consumer watchdog in the first place. Those critics might tell you that Wall Street should write their own rules. Or you might hear them say the American people are better off when everyone is left to fend for themselves. Again, we disagree with those critics.
Here are the facts: The Constitution gives the President the authority to make temporary recess appointments to fill vacant positions when the Senate is in recess, a power all recent Presidents have exercised. The Senate has effectively been in recess for weeks, and is expected to remain in recess for weeks. In an overt attempt to prevent the President from exercising his authority during this period, Republican Senators insisted on using a gimmick called pro forma sessions, which are sessions during which no Senate business is conducted and instead one or two Senators simply gavel in and out of session in a matter of seconds. But gimmicks do not override the Presidents constitutional authority to make appointments to keep the government running. Legal experts agree. In fact, the lawyers who advised President Bush on recess appointments wrote that the Senate cannot use sham pro forma sessions to prevent the President from exercising a constitutional power.
Because of the Presidents leadership and decisive action, the American people will have a consumer watchdog fighting tooth and nail on their behalf. The President knows this is a make or break moment for the middle class and hell continue to build an economy thats based on the values of fairness and shared responsibility. Todays announcement is a critical piece to strengthen the economy and restore the economic security for the middle class and those trying to reach it. Mr. Cordray is the right man for the job and were pleased hes finally in place to continue his important work.
read: http://www.whitehouse.gov/blog/2012/01/04/americas-consumer-watchdog
Dan Pfeiffer is White House Communications Director
zipplewrath
(16,646 posts)Really? We're quoting Bush lawyers now? Are these the same lawyers that said torture was okay?
bigtree
(85,986 posts). . . made here for the benefit of countering the republican critics (and others) who are saying that the move is unprecedented.
Bandit
(21,475 posts)I was under the impression Obama had his own Legal Team and they were quite different than those that were in the Bush* Administration...
bigtree
(85,986 posts)The WH communications director is making the political point that Bush did it too.
zipplewrath
(16,646 posts)He was advised that he could, but I don't think he ever did a recess appointment during a pro-forma session.
bigtree
(85,986 posts). . . nothing says they consulted a Bush lawyer. It's just used here as a political point.
zipplewrath
(16,646 posts)You'll note I did indicate they were quoting a Bush lawyer.
onenote
(42,685 posts)What is particularly entertaining is that the link on the WH page that accompanies the reference to the bush lawyers is to an op-ed that those lawyers wrote in 2010 urging Obama to call the Senate's bluff.
http://www.washingtonpost.com/wp-dyn/content/article/2010/10/14/AR2010101405441.html