President Barrack Obama has started 2012 with a bang. Obama has decided to appoint the new head of the consumer protection agency without the approval of the United States senate. The Democratic President made the decision to ensure Richard Cordray can take his role with the agency immediately without getting rejected by the senate especially the Republican senators.
The president said now that the Consumer Financial Protection Bureau has a new chief it can now start overseeing the mortgage companies, payday lenders, debt collectors and other financial operations often blamed for practices that helped undermine the economy.
The Republicans as expected were not happy with the decision of the president, and threaten to file a legal case against the ruling which it viewed as illegal and against the constitution.Despite th e opposition from the Republicans in the senate, who are members of the minority, Obama is steadfast with his decision saying what matters most to him is the general welfare of the American people.