January 4th, 2012
11:55 AM ET
WASHINGTON (CNNMoney) - In a move that has angered Republicans, President Obama is expected on Wednesday to make a recess appointment of Richard Cordray to be the first director of the Consumer Financial Protection Bureau, sidestepping the Senate confirmation process, a senior administration official tells CNN.
The president is expected to make the official announcement at a 1:15 p.m. ET speech in Ohio, where Cordray served as attorney general.
Last month, the Senate failed to muster enough votes to take up confirmation of Cordray to run the consumer bureau, with all but one Republican voting against the move. At the time, President Obama hinted that was considering such a recess appointment.
News of the impending recess appointment spurred a flurry of angry statements from GOP leaders who have been trying to block a recess appointment for more than seven months.
"President Obama, in an unprecedented move, has arrogantly circumvented the American people by 'recess' appointing Richard Cordray as director of the new CFPB," said Senate Minority Leader Mitch McConnell in a statement. FULL POST