A defiant President Barack Obama, tired of Senate Republicans stalling his nominee to lead a new consumer protection agency, put him in charge Wednesday over their opposition.
“I refuse to take `no’ for an answer,” the president said.
Outraged GOP leaders in Congress immediately suggested that courts would determine whether Richard Cordray’s appointment was illegal.
With a director in place, Obama said the Consumer Financial Protection Bureau can start overseeing the mortgage companies, payday lenders, debt collectors and other financial operations often blamed for practices that helped undermine the economy.
The president also was expected to announce other recess appointments, possibly including nominees to the National Labor Relations Board.
Republicans have had little opposition if any to the qualifications of Cordray. Their objection is with the consumer agency itself.
Obama and his team say lawmakers should try to revise the Wall Street oversight law if they don’t like it, not keep the agency from performing its job.