President Obama circumvented Senate Republicans and made arecess appointment of Richard Cordray to run the Consumer FinancialProtection Bureau. In making the appointment he explained that we“shouldn’t be weakening oversight and accountability, we should bestrengthening it–especially when it comes to looking out forfamilies."

Obama, who made the announcement during a Jan. 4 speech on theeconomy in Ohio, said Cordray will “be in charge of one thing:looking out for the best interests of American consumers. His jobwill be to protect families like yours from the abuses of thefinancial industry. His job will be to make sure you’ve got all theinformation you need to make important financial decisions.”

The appointment, which runs until the end of next year, ended afight that Obama had with Senate Republicans who had used thechamber’s rules to block Cordray’s confirmation even though amajority of senators supported it.

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