Obama defies Republicans with consumer agency pick | Reuters: A defiant President Barack Obama said he will bypass Congress and install Richard Cordray as head of the country's new consumer financial watchdog, escalating an election-year fight with Republicans, who questioned the legality of the move.
The recess appointment, which Obama announced in a campaign-style rally at a high school gym in a Cleveland suburb, is being cheered by Democrats and liberal advocacy groups who want tougher oversight of Wall Street and other financial players.
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