Although it is very likely that Cordray's recess confirmation will be challenged, it is clear that President Obama had both the legal authority and moral obligation to make this appointment.
5.1 percent of loans made to whites from 2004 to 2008 ended in foreclosure. For African Americans, the rate of foreclosure is 9.8 percent. For Latinos, it is 11.9 percent, more than double the white rate.
If circumventing gridlock in order to promote the financial "health, safety and welfare" of the American people by way of a recess appointment during a highly questionable non-recess recess gets us to the finish line, sign me up.
Congratulations, Mr. President. This week you followed your increasingly populist rhetoric with some decisive action on behalf of the middle class.
The issue is President Obama's recess appointment on Wednesday of Richard Cordray as the director of the Consumer Financial Protection Bureau. Should the Republicans take Obama to court?
This morning President Obama appointed former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau. It's was the right move, and it's about time.
I'm feeling like this was a very good morning for the President: Romney is still the likely winner of the nomination, but his fight against Rick Santorum will be tougher than anyone is currently predicting and will open up deep divisions in the Republican party.
Today, I was appointed by President Obama to serve as the first Director of the Consumer Financial Protection Bureau. I am honored by this opportunity to continue my work on behalf of consumers. And I am energized by the responsibilities and challenges facing the Bureau.
As we approach November 6, 2012, there are a few things you should ponder before reflexively casting a ballot for the guy whose name seems most familiar. Let's look at the numbers.
As expected, last week Senate Republicans blocked President Obama's nomination of Rich Cordray to lead the new CFPB. They continue to hold the agency hostage, taking the unprecedented step of blocking its leadership unless the agency is first weakened.
Spitzer and Matalin focus on the Big Two 2012 issues: go back to Bushonomics or stick with Teddy Obama? And there's consensus that GOP anti-immigrant rhetoric risks losing Hispanic voters and swing states. Like Texas?
They are abusing their positions and throwing sand in the gears of the Senate to make it harder for ordinary Americans to get our day in court and to defend ourselves against the powerful. It's a deeply cynical strategy, and ultimately a deeply harmful one.
Just like we experienced with Elizabeth Warren, whose potential nomination as CFPB director was derailed by the same band of robber barons, Mr. Cordray is the newest roadkill on the conservative superhighway, and the American people have been hosed yet again.
The work of financial reform is far from done. Knowing now what they should have known a couple of years ago, Congress should revisit major structural reforms like restoring Glass-Steagall.
If any bank represents the need to have a regulator in place that protects people on consumer financial issues, it's Bank of America. America's bank has become a symbol for all that is wrong with the financial sector.