President Barack Obama and his advisers are debating whether to install Richard Cordray as head of the Consumer Financial Protection Bureau as soon as today, challenging Republican efforts to block appointments while Congress is away from the Capitol, according to two people familiar with the matter.
Lawmakers seeking to wrap up congressional work for the year likely will leave Washington this month without giving President Barack Obama the opportunity to make a temporary appointment of his nominee to head the new Consumer Financial Protection Bureau.
President Barack Obama called on Congress to give him authority to streamline the executive branch and make it easier for businesses to tap government resources by consolidating six agencies dealing with trade and commerce.
Charles Schumer, the Senate’s No. 3 Democratic leader, accused Republicans of seeking to slow the U.S. economy for political gain in the debate over cutting budget deficits. He insisted Democrats have the “upper hand” in the negotiations.