Obama Makes Big Recess Appointment

    FILE - In this July 18, 2011 file photo, President Barack Obama shakes hands with former Ohio Attorney General Richard Cordray after announcing his nomination to serve as the first director of the Consumer Financial Protection Bureau (CFPB), in the Rose Garden of the White House in Washington. Senior administration officials tell The Associated Press that President Barack Obama will use a recess appointment to name Richard Cordray on Wednesday as the nation’s chief consumer watchdog despite steep Republican opposition.  (AP Photo/Manuel Balce Ceneta, File)

    Manuel Balce Ceneta / AP Photo

    Iowa must have put some spring back in his step: President Obama started Wednesday morning by making a recess appointment, in defiance of Republican warnings, to fill the top leadership position in the federal government's new Consumer Financial Protection Bureau. Taking the seat is Richard Cordray, the former attorney general of Ohio whom Republicans have blocked from being nominated to the position. The new agency will enact and enforce new financial regulations passed by Congress to curb predatory lending and establish greater accountability for financial institutions.

    Read it at The New York Times