For Immediate Release
Phone: (202) 588-7741
Public Citizen Applauds Obama’s Recess Appointment of Richard Cordray to Lead Consumer Agency
Statement of David Arkush, Director, Public Citizen’s Congress Watch Division
WASHINGTON - We applaud President Barack Obama for exercising his constitutional authority during the current congressional recess to appoint Richard Cordray to head the Consumer Financial Protection Bureau.
American families need a federal agency that will focus on protecting them, not the big banks. The financial industry went wild in recent years, engaging in a raft of abusive financial practices in areas ranging from mortgages and credit cards to payday loans.
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It is about time for the Consumer Financial Protection Bureau to be fully functional. Corday is a promising director, and he is more than ready to get to work.
Some Republicans are claiming that the president lacked authority to make a recess appointment. They are wrong. The Senate is effectively on a five-week recess. Since senators left for vacation in December, the chamber has held a pro forma session once every three days for just a few moments. These sessions do not bar the president from making a recess appointment. Whether the current recess is viewed as five weeks or three days long, it is long enough. Two previous presidents – Harry Truman and Theodore Roosevelt – have made recess appointments in recess of three or fewer days.
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Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.