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Wednesday, January 04, 2012

Recess Appointments: Why Now?

On the news today that Obama will make a recess appointment to Richard Cordray to Head CFPB, Yves Smith says:

Obama to Make Recess Appointment of Richard Cordray to Head Consumer Financial Protection Bureau: ...This move raises the obvious question: why didn’t Obama make a recess appointment of Elizabeth Warren...? ...

I'd guess the administration would argue that the GOP hadn't yet crossed over some threshold of intransigence, this was part of a more general reelection strategy (plans to make three recess appointments to the NLRB were also announced), the political opportunity wasn't right, or something like that. But it's a good question -- why now instead of then (a question that can also be asked about Peter Diamond's nomination to the Federal reserve Board of Governors)? What it says to me is all that matters is Obama's reelection (see, for example, the pivot to deficit reduction) -- when the timing's right for that, things will happen -- but don't keep your fingers crossed otherwise. If you are unemployed and struggling, the president will try to help if it also helps him get reelected, but helping because it's the right thing to do? Not likely.

    Posted by on Wednesday, January 4, 2012 at 01:06 PM in Economics, Politics, Regulation | Permalink  Comments (35)


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