Rep. Frank: President Should Use Recess Appointment For CFPB Chief
Dow Jones Newswires
November 2, 2011
Randall, Maya Jackson
U.S. Rep. Barney Frank (D-Mass.) said on Nov. 2 that the president should use a
recess appointment to name Richard Cordray as the director of the new U.S.
Consumer Financial Protection Bureau (CFPB) as Republicans continue to block any
nominee until changes are made to the structure of the agency. Frank, other
Democrats, and several consumer groups continue to push for the appointment of a
permanent leader to the bureau because without a leader, the agency cannot use
its full consumer protection powers. Republicans contend the new agency has too
much authority over financial markets, and they are seeking a restructuring of
the agency that would replace the director with a commission and provide other
banking regulators with greater say over the agency's actions. If the president
opts to use a recess appointment, it would circumvent the U.S. Senate approval
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