Obama Names Consumer Watchdog Against GOP Wishes
President Obama has named a new head of the newly-created Consumer Financial Protection Bureau, despite the appointment not receiving congressional approval.
Virtually ignoring Republican opposition to the move, President Obama yesterday named Richard Cordray as the country’s chief consumer watchdog. The move came despite the U.S. Senate claiming that the move is, possibly, an abuse of executive power. With Cordray now in place, the newly-created Consumer Financial Protection Bureau – a bit more bloat in Washington, DC – will allegedly protect consumers from mortgage companies, payday lenders, debt collection companies and other financial services companies.
Why the new agency will be able to protect consumers when the already-existing agencies designed to do so could not is a mystery, but it definitely is in keeping with the Obama approach of simply creating more government and more spending to try to "solve" problems. The White House is already expecting to be roundly criticized for the move since it came without congressional oversight.
Apparently, Obama made the move because he couldn’t abide the public being unprotected from mortgage companies and financial services companies any longer. Noted Obama, "That’s inexcusable. And I refuse to take 'No' for an answer. I've said before that I will continue to look for every opportunity to work with Congress to move this country forward. But when Congress refuses to act in a way that hurts our economy and puts people at risk, I have an obligation as president to do what I can without them." So much for checks and balances, though the fiction that the U.S. government is really "for the people," or still a Republic is, of course, laughable.
Why the new agency will be able to protect consumers when the already-existing agencies designed to do so could not is a mystery, but it definitely is in keeping with the Obama approach of simply creating more government and more spending to try to "solve" problems. The White House is already expecting to be roundly criticized for the move since it came without congressional oversight.
Apparently, Obama made the move because he couldn’t abide the public being unprotected from mortgage companies and financial services companies any longer. Noted Obama, "That’s inexcusable. And I refuse to take 'No' for an answer. I've said before that I will continue to look for every opportunity to work with Congress to move this country forward. But when Congress refuses to act in a way that hurts our economy and puts people at risk, I have an obligation as president to do what I can without them." So much for checks and balances, though the fiction that the U.S. government is really "for the people," or still a Republic is, of course, laughable.
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