The head of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, on Wednesday said that "responsible" businesses would welcome the new agency's oversight and steered clear of the debate over the legality of his recess appointment.
"Responsible businesses embrace rules of the road that are clear [and] established," said Cordray on MSNBC's "Morning Joe" Wednesday.
President Obama circumvented the Senate to appoint Cordray head of the new financial regulation agency. Republicans had opposed the appointment, calling for changes to the bureau's structure and powers.
Republicans have signaled they intend to challenge the move, and some legal scholars think there is a good chance courts could overturn the recess appointment.
"I'm going to leave that to others ... lawyers are digging into it," said Cordray when asked if his appointment would survive a legal challenge.
But he added that "the position was long overdue to be filled." "We've got a lot of work to do for the public to make these markets function effectively," he said.
Cordray also said the new agency would fill a hole in financial regulation by providing a voice for consumers. “We needed someone with a singular focus on consumer finance. We've never really had that before," he noted.
"We've had very scattered responsibility for this among a number of bank agencies ... someone with a single focus on this can do a better job, and we hope to show that."
Most Viewed RSS Feed »
