How Obama's New Pick Affects Consumers

The president installs Richard Cordray as head of new consumer bureau.
2:23 | 01/04/12

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Transcript for How Obama's New Pick Affects Consumers
As the Republicans turned up the heat President Obama pulled off a kind of political and run in congress today installing. Former Ohio attorney general Richard Cordray as the head of the powerful new Consumer Financial Protection Bureau. A move that sent a jolt among Republicans and ABC's the city of Vegas has. Sega has more on that. Cecilia. Paving Diana's consumer groups are hoping that one of the very first thing is Richard Cordray does is tackled this the credit card application -- we have all seen with -- -- RI's goal a glaze over the and that miniscule print the incomprehensible. Language. This new agency could change all that and put it all in plain old English. Season is nearly lost their Ohio home to a predatory mortgage lender who offered to make repairs on their old house but fled leaving them 8000 dollars in debt. With President Obama and the country's new consumer watchdogs -- their dining room table today. They became the poster family for everything -- agency plans to changed harassment by debt collectors. Gone its sky high fees on supposedly free checking accounts gone. And -- -- Paper trail of mortgage documents gone. What are they see right now -- out. In the mortgage area what they see right now is -- Copley -- and reams of Paper things that they have to review. But to get Richard Cordray at the Helm President Obama had to go around congress. In a blatant act of defiance some -- -- downright -- again. The president appointed a man blocked by the senate for months on a day when the senate holes were in deep with a holiday break. All the time to do everything we can't protect consumers prevent. Financial crises like the one that we've been through from ever happening again that starts with -- letting Richard do his job. Republicans call it an unprecedented power grab over an agency that lacks accountability. Too much authority in the hands of one man. And in -- sign at this Washington showdown will go on his first day on the job Cordray was called to testify before congress. If US -- American people should be getting more transparent -- out of this administration. Not -- Now McConnell the Republicans say the senate is actually in session of the president had no right to make this so called. Recess appointment the White House says that is all just a gimmick that senators are not working right now Diane setting the stage out here for yet another fight in Washington.

This transcript has been automatically generated and may not be 100% accurate.

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