Sort by

Banking Industry Endorses Obama's Appointment of Richard Cordray

The Associated Press is reporting that President Obama will appoint Richard Cordray today as the director of the Consumer Finance Protection Agency, all but ensuring a pageantry of exploding heads on the right.

The possibility of this "thermonuclear option" -- which in reality, has something of a precedent -- was scooped by Ben White in Morning Money a few weeks ago. One of the very best things about White's newsletter is its fainting couch quality for all sorts of anonymous moaning and sniping.

Today, with the rumor of Cordray's imminent appointment back in the news, came this gem:

INDUSTRY GETS EVEN ANGRIER -- From a top banking lobbyist who first said he needed time to compose himself before commenting [emphasis added]: "If the president does appoint Cordray in this unprecedented maneuver, more important positions such as the head of OCC and FDIC will likely remain unfilled. This short term appointment (by law) will actually taint the independence of this new agency which is the direct opposite of the intended purpose. Nothing like having a rogue agency with no real checks and balances during an election year when it appears Democrats will lose control of the U.S. Senate. Elizabeth Warren just has to be seething she was not recess appointed or worse, never appointed when democrats controlled 59 votes in the U.S. Senate. Scott Brown would have proudly cast the 60th vote."

Now there is the best possible endorsement this appointment could receive. 

If industry lobbyists and those in Congress who represent their interests -- like Senator Richard Shelby, foremost opponent of an independent CFPB and "Industry Favorite" of Credit and Finance industries -- need time to "compose" themselves in light of this new agency coming online, then average Americans are about to win something big.