Left without options since Congressional Republicans obviously do not WANT consumer protections, President Obama uses all the power he can exercise to protect the 99%…
Richard Cordray appointment ‘turns lights on’ at consumer bureau
The agency, which has been hobbled since opening last summer because the Senate wouldn’t confirm its director, can now begin to exercise its authority.
The Consumer Financial Protection Bureau, the centerpiece in the overhaul of financial regulations 18 months ago, was billed as a powerful new regulator to put the pocketbooks of average Americans ahead of the fat wallets on Wall Street.
But the agency has been hobbled since opening last summer because it couldn’t exercise some of its most important powers — such as new rules for mortgage brokers, payday lenders and financial firms outside the banking system — until the Senate confirmed its first director.
On Wednesday, President Obama broke through a Republican blockade on confirming any director by appointing Richard Cordray for the job during a Senate recess and giving the new agency its full authority.
The move was applauded by consumer advocates, who had been pushing the White House to take the muzzle off its new watchdog.
Read the whole article here: http://www.latimes.com/business/la-fi-cordray-consumer-bureau-20120105,0,2888288.story