Obama Appoints Financial Protection Chief

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We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Campaign Finance Reform . This is the VOA Special English Economics Report from voaspecialenglish.com | http In early January, President Obama appointed Richard Cordray as director of the Consumer Financial Protection Bureau. This new government agency says it has already made home loans and credit card agreements easier for Americans to understand. But the Obama administration said the bureau cannot supervise financial products like home loans without a director. The president used a measure known as a recess appointment to fill the position. He nominated Mr. Cordray last July. But the opposition Republican Party blocked a vote in the full Senate.Mr. Obama announced the appointment during a visit to Ohio. It was his first political campaign trip of the year. He told the crowd that the severe economic crisis three years ago did not happen because of too many financial rules. Mr. Obama said: "Does anyone think the reason why we got into such a financial mess, the worst financial crisis since the Great Depression, the worst economic crisis in a generation, that the reason was because of too much oversight of the financial industry? Of course not. We shouldn't be weakening oversight, we shouldn't be weakening accountability, we should be strengthening it!"Senate Minority Leader Mitch McConnell criticized the president's appointment. Many Republicans oppose the new agency, saying its goals are not clear. They also want a group of people to lead the agency instead of a single director. The Consumer ...

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