President Barack Obama today celebrated his win over the GOP in a two-year struggle to expand his power over the financial sector, saying the sector now has “certainty” about the government’s regulatory authority.
The new powers were activated with the Senate’s agreement — over GOP opposition — to confirm Richard Cordray as the first director of the Consumer FInancial Protection Board.
“Without a director in place, the Consumer Financial Protection Board would have been severely hampered… [and] didn’t have all the tools it needed,” Obama told a roomful of clapping government officials at the White House.