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President Obama yesterday took advantage of the Congressional recess to appoint Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). Facing stiff Republican opposition to Cordray’s nomination, the President made the announcement to avoid the traditional Senate confirmation at a school in Ohio where Cordray used to be the state Attorney General. The CFPB was designed by Harvard Law School professor Elizabeth Warren, who was tipped to head it. However, Warren also faced major opposition based on her strong credentials in standing up to big business. Taking a defiant tone, Obama called out Republicans for holding up the nomination process for too long. The Consumer Finance Protection Bureau, championed by progressives, will at last, offer ordinary Americans the opportunity to petition the government directly when they are victimized financially by businesses. Members of Congress who refused to ratify either Warren or Cordray’s nomination did so based on their demand that its power be significantly weakened. There is likely to be a legal challenge to Obama’s appointment in the coming weeks and months.

GUEST: Jamie Court, President of Consumer Watchdog and author of The Progressives Guide to Raising Hell

Visit www.consumerwatchdog.org for more information.