Latest News:  
Beijing   Light snow/Overcast    -1 / -6   City Forecast

People's Daily Online>>World

Obama sidesteps Congress to appoint financial watchdog chief


08:15, January 05, 2012

WASHINGTON, Jan. 4 (Xinhua) -- U.S. President Barack Obama Wednesday circumvented his rival Republican Senators to appoint former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau (CFPB), a financial sector watchdog, when U.S. Congress was in recess.

The administration fought to pass and signed into law the strongest consumer protection in history in 2010. The Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, created the CFPB, an independent agency with the primary mission of acting as a watchdog for American consumers.

Obama announced his intent to nominate Cordray as the CFPB director in July 2011, but the nomination had been blocked by GOP Senators.

"Everyone agrees that he's more than qualified," and Cordray had won bipartisan support, Obama said during an address at Shaker Heights High School in Cleveland, Ohio, a key election swing state.

The bold move taken by the White House was aimed at protecting the hard-won financial reform and setting up a showdown with Republican lawmakers as Obama had geared up his reelection bid.

Republican lawmakers held that the authorities should replace the single director structure of the CFPB with a board of directors that would oversee the agency, subject the bureau to the congressional appropriations process, and allow other financial regulators to provide a check on CFPB rules before giving the green light to the CFPB director nomination.

The U.S. Constitution requires that most senior federal officers must be confirmed by the Senate before assuming office, but U.S. president can act alone by making a recess appointment while the Senate is in recess. To remain in effect a recess appointment must be approved by the Senate by the end of the next session of Congress.

【1】 【2】


Leave your comment0 comments

  1. Name


Selections for you

  1. Here be dragons

  2. 'Cradle of Chinese Buddhism' embraces world

  3. Surface area of Poyang Lake shrinks to less than 200 square km

  4. U.S. Navy rescues 13 Iranians taken hostage by Somali pirates

Most Popular


  1. Greater say needed on yuan's convertibility
  2. China takes frank, open stand on Myanmar issue
  3. Pentagon plan changes game in Asia
  4. Will Japan's economy recover in 2012?
  5. It is the China naysayers who are doomed to fail
  6. Common development with neighbors
  7. Japan's case of flawed priority
  8. Move to send 'alarming signal' across Asia
  9. EU's airline carbon tax may backfire
  10. Asian countries refuse to 'take side'

What's happening in China

Diplomat: China stresses ties with neighbors

  1. China to share housing info online
  2. Homicide, robbery suspect wanted
  3. Swill oil found in no city restaurants
  4. Beijing to release PM 2.5 data
  5. Buffett to welcome Chinese New Year in song

PD Online Data

  1. Traditional Mooncakes
  2. About Mooncakes
  3. History of Mooncakes
  4. Modern Mooncakes
  5. Legends of Mid-Autumn Festival