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Wednesday, January 4, 2012

Obama to Name Consumer Protection Chief While Congress Is Out of Town

Posted by Eli Sanders on Wed, Jan 4, 2012 at 9:59 AM

About time:

President Obama will challenge Senate Republican foes of the newly created Consumer Financial Protection Bureau by naming Richard Cordray as its director while Congress is out of town, according to a senior administration official.

That would allow the agency to establish new regulations over financial institutions, putting into effect elements of the financial regulatory overhaul that was one of the administration’s main achievements in Congress.

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