The New York Times
Wednesday, January 4, 2012 -- 10:21 AM EST
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Defying Republicans, Obama to Name Cordray as Consumer Agency Chief
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.
Mr. Obama's exercise of constitutional powers to name top officials without Senate confirmation while Congress is in recess is a stiff challenge to Republicans, who have attempted to block the maneuver by holding "pro forma" sessions over the holidays.
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