May 11, 2011
Rep. Barney Frank (D-MA) told reporters this week that he believes President Obama will make a recess appointment in order to have a director for the Consumer Financial Protection Bureau in place by the time the agency officially opens in July.
“Frank, speaking to reporters, said Republican senators forced this option when 44 of them said last week they will not vote to confirm a new head without changes to the structure of the powerful agency,” continued Reuters in its report.
The Dodd-Frank financial reform bill, of which Frank is a co-author, mandates the CFPB have limited regulatory authority if a director is not appointed in time for the agency’s debut.
Click here to read more of Frank’s thoughts on the possibility of a recess appointment.
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