Today the President will appoint Richard Cordray to lead the Consumer Financial Protection Bureau.\u00a0 He has one important job: look out for the best interest of American consumers.\u00a0 He\u2019ll work on behalf of millions of families across the nation to ensure they\u2019re not being taken advantage of by debt collectors and credit reporting agencies.\u00a0 As America\u2019s consumer watchdog, Cordray will work to ensure that families and students don\u2019t get saddled with sky-high interest rates by mortgage or payday lenders.\u00a0 Bottom line: he\u2019ll strengthen oversight and accountability in order to protect millions of families across the nation.\u00a0 This is an important step to protect the American people.<\/p>\n
The President nominated Mr. Cordray last summer.\u00a0 Unfortunately, Republicans in the Senate blocked his confirmation.\u00a0 They refused to let the Senate go forward with an up or down vote.\u00a0 It\u2019s not because Republicans think Cordray isn\u2019t qualified for the job, they simply believe that the American public doesn\u2019t need a watchdog at all.\u00a0 Well, we disagree.<\/p>\n
And we can\u2019t wait for Republicans in the Senate to act.\u00a0 Now, you might hear some folks across the aisle criticize this \u201crecess appointment.\u201d It\u2019s probably the same folks who don\u2019t think we need a tough consumer watchdog in the first place.\u00a0 Those critics might tell you that Wall Street should write their own rules.\u00a0 Or you might hear them say the American people are better off when everyone is left to fend for themselves.\u00a0 Again, we disagree with those critics.<\/p>\n
Here are the facts:\u00a0 The Constitution gives the President the authority to make temporary recess appointments to fill vacant positions when the Senate is in recess, a power all recent Presidents have exercised.\u00a0 The Senate has effectively been in recess for weeks, and is expected to remain in recess for weeks.\u00a0 In an overt attempt to prevent the President from exercising his authority during this period, Republican Senators insisted on using a gimmick called \u201cpro forma\u201d sessions, which are sessions during which no Senate business is conducted and instead one or two Senators simply gavel in and out of session in a matter of seconds.\u00a0 But gimmicks do not override the President\u2019s constitutional authority to make appointments to keep the government running.\u00a0 Legal experts agree.\u00a0 In fact, the lawyers who advised President Bush on recess appointments wrote that the Senate cannot use sham \u201cpro forma\u201d sessions to prevent the President from exercising a constitutional power.<\/p>\n
Because of the President\u2019s leadership and decisive action, the American people will have a consumer watchdog fighting tooth and nail on their behalf.\u00a0 The President knows this is a make or break moment for the middle class and he\u2019ll continue to build an economy that\u2019s based on the values of fairness and shared responsibility.\u00a0 Today\u2019s announcement is a critical piece to strengthen the economy and restore the economic security for the middle class and those trying to reach it.\u00a0 Mr. Cordray is the right man for the job and we\u2019re pleased he\u2019s finally in place to continue his important work.<\/p>\n
Dan Pfeiffer is White House Communications Director<\/p>\n