Just two days after side-stepping Congress to appoint America’s new top consumer watchdog, President Obama will visit staff at the new Consumer Financial Protection Bureau today.
In a defiant and controversial move, President Obama installed Richard Cordray to lead the agency while Congress was in recess. The move set off a firestorm of criticism from Republicans and spurred calls for investigation.
“Without a director in place, the consumer watchdog agency that we’ve set up doesn’t have all the tools it needs to protect consumers against dishonest mortgage brokers or payday lenders and debt collectors who are taking advantage of consumers. And that’s inexcusable. It’s wrong,” Obama said in announcing the recess appointment.
The agency aims to prevent the abuses of the financial industry that led to the economic crisis.
Later today, the president will have lunch with the winners of a campaign contest at a local D.C. restaurant.