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Obama Raising Cash Off Cordray Appointment

In a sign of the total collapse of the wall between governing and his reelection campaign, President Obama has begun fundraising off his appointment of Richard Cordray to head the Consumer Financial Protection Bureau, dispatching a money-seeking email the very same day he installed Cordray by recess appointment.

According to a piece in Big Government by Heritage Foundation blogger Rob Bluey, an email sent by the campaign to its vast list masquerades as a petition seeking a show of support for the Cordray appointment. Once recipients sign onto the petition, they are asked to donate up to $2,500.

Cordray’s nomination has sparked an emotional debate which Obama’s fundraisers are clearly hoping to tap into. Republicans have held up Cordray’s nomination, demanding that Obama make changes to the CFPB before they allow his name to a vote. Many of them view the recess appointment as an outrage, believing they have kept the Senate out of recess through a technical maneuver.

Liberals have been adamant that Obama make a stand on Cordray. Their passion – many view the CFPB as the savior  and protector of downtrodden citizens formerly at the mercy of Big Bad Banks – must be viewed by the White House as an ideal lever with which to raise money.

The email, written by Obama 2012 Policy Director James Kvaal, is hard edged, attacks the two leading GOP candidates, and seeks to prey on recipients’ fears.

Today the President appointed former Ohio Attorney General Richard Cordray as Director of the Consumer Financial Protection Bureau. For months, Senate Republicans — with Mitt Romney and Rick Santorum right behind them — have fought this bureau every step of the way . . .

We can’t afford to continue allowing Wall Street to write its own rules. But today’s action by the President is already coming under partisan attack, which we expect to intensify in the days to come.

Say you stand with President Obama and Richard Cordray today . . .

But Mitt Romney apparently doesn’t think consumers deserve any protection at all from predatory lenders and other bad actors. His plan to fix the economy is simply to deregulate it. His proposal for the housing market is to let it “hit the bottom” so that investors can come in and make a quick buck.

The President thinks we need a cop on the beat preventing the reckless behavior that helped cause the financial crisis and so many problems for middle-class families in the first place.

As if to drive home the politicization of the process, Obama announced the Cordray appointment during an appearance Wednesday in Ohio, which along with Florida is perhaps the most coveted swing state in the presidential campaign.

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22 Responses to Obama Raising Cash Off Cordray Appointment

  1. What is this Cordray dude doing for us averages, again? This is all orchestrated–limelight back on Obama, all about the little guy or gal, ooo, Congress is so mean…oh, please send money. Tiresome.

    Also tireseome–the anti-Romney attack machine grinding into action. Our cartoonist (using term loosely) draws him as wild-eyed, raddled and nuts like he drew Palin, Dana Milbank is all over how he is awkward…on and on. I find it helps to read every other word–and is also quite amusing that way.

    • That’s easy: Cordray is like Batman. There’s a giant spotlight with a “C” in the middle of it that will shine from the top of the White House over the night sky. The predatory lenders roaming the dark alleys maliciously plotting to loan you money you don’t need at confiscatory interest rates will see his symbol and it will strike dread into their hearts. And you can rest easy in the knowledge that he’s wandering the roof tops waiting to bring down such arch-criminals as the CEO and the Trader.

  2. Obama needs to do his homework. Wasn’t it slick Willie that deregulated the banking industry which started the whole mess? Correct me if I’m wrong.

  3. Today the Heritage Foundation blog has a great analysis of the Presidents constitutional authority on Recess Appointments. They are not impressed. The real issue in not the person appointed, but creating another Czar and one more regulatory Marxist/Socialist bureaucracy. The early estimate is that 1,500 new government/union high paying jobs, to start. When will the GOP candidates turn their ire on Obama? The TEA Movement is watching and waiting.

  4. We are living in scary times as the dictator-in-chief continues to abuse the office for his own agenda. OH’s Sen. Portman said this about this appointment:

    “The irony is that while this recess appointment may advance the White House’s political goals, it does nothing to advance the work of the CFPB. The statute creating the CFPB makes clear that only Senate confirmation of a Director – not a recess appointment – can activate the new powers of this agency to regulate consumer transactions with Main Street businesses.”

    . . .”No other federal regulator has so much authority over personal economic decisions, with so little responsibility to answer to the American people and their elected representatives. These concerns — voiced by 44 Senators — cannot be addressed if the White House continues to refuse to work together despite my and others’ efforts to reach out to them to find a way forward.”

    So Sen. Portman–what are you and your colleagues going to do about this obvious abuse?

    • Why aren’t the GOP out there screaming from the roof tops that, as Sen. Portman stated:

      “The statute creating the CFPB makes clear that only Senate confirmation of a Director – not a recess appointment – can activate the new powers of this agency. . .”

      If this is true, then why is the GOP (again) kowtowing to BHO and simply issuing statements instead of taking actions?

    • My fear is the Republican leadership isn’t doing anything about this because they want to be able to do the same thing when (if) they are back in power. Can’t think of any other reason why they wouldn’t fight back. The Republican leadership has no problem strong-arming our freshmen reps to go along with their ill-conceived compromises. Unfortunately, they cower in the corner when the Obama regime violates the Constitution.

  5. Daily Kos is fundraising off this too…..just got this email….

    Dear (my covert Dkos name), yesterday President Obama used recess appointments to name Richard Cordray the director of the Consumer Financial Protection Bureau and to fill the vacancies on the National Labor Relations Board.

    Please, send President Obama an email thanking him for this bold move.

    Without these appointments, the National Labor Relations Board would cease to function as a defender of workers’ rights. Without a director, the CFPB couldn’t fulfill its critical function as a watchdog working to stop the fraudulent practices of mortgage companies, payday lenders, debt collectors and other financial interests that are bleeding Americans dry.

    Republicans are livid. Failing to grind consumer and worker protections to a halt at the request of their Wall Street masters, Republicans are now claiming these appointments are unconstitutional (they’re not). Within hours of announcement, they began setting up congressional hearings.

    This is a big effing deal, and credit should go where credit is due. Please send a thank you email to President Obama for making these recess appointments.

    Keep fighting,
    Chris Bowers
    Campaign Director, Daily Kos

    P.S. Please chip in $5 to help support Daily Kos.

  6. on npr last night. Cordray can’t take the seat with out Senate approval so anything he does WILL be challenged in court. The position by the Frank-Dodd legislation can not be appointed. Water is deeper than anyone is advertising. He may be in charge but can’t legally do anything.

  7. Richard Cordray, D Indiana, in trouble for using state funds, 3 employees and state databases to ‘out’ Joe the plumber. Another great appointment for the Obama Whitehouse. Wonder if he filed Federal Income Taxes?