Rep. Frank: President Should Use Recess Appointment For CFPB Chief

November 2, 2011
Dow Jones Newswires 
consumer financial protection bureau news

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 process.
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