WASHINGTON: President Barack Obama wants former Ohio Attorney General Richard Cordray to stay on as head of the Consumer Financial Protection Bureau.
Obama on Thursday named Cordray to continue in that role. The president used a recess appointment a year ago to bypass congressional opposition and install Cordray as the bureau’s first director, but that appointment expires at the end of this year.
Senate Republicans had opposed Cordray, as well as the concept of the consumer bureau, saying it had too much power with too little input from Congress. The bureau was created as part of the 2010 overhaul of the nation’s financial regulations, to defend consumer rights with banks, mortgage companies, the credit-card industry and others.
Obama said there was no excuse for the Senate not to approve Cordray.