WASHINGTON — President Barack Obama praised the work of the Consumer Financial Protection Bureau Wednesday, a day after the Senate acted on the long-stalled confirmation of the agency's director, Richard Cordray. Obama said the agency designed to protect consumers in their financial dealings can now work without a cloud over its head.
"Together we're giving Americans a guarantee that the protections they enjoy today will still be around next year, and the year after that, and the year after that and for years to come," Obama said at White House ceremony saluting Cordray's confirmation.
Creation of the bureau was one of the key features of a 2010 financial regulation law and it has long been a point of contention with Republicans.
Cordray's confirmation and his swearing in by Vice President Biden Wednesday morning cap a drawn out fight between Obama on the one hand and the financial industry and GOP lawmakers on the other over the authority of the agency. Republicans have sought to alter the agency's structure and the means by which it is financed to give Congress greater control.
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