Obama gloats over power grab

Two days after defying Republicans and appointing Richard Cordray to head the Consumer Financial Protection Bureau, President Obama visited the new agency to take a little time to gloat.

Making a victory lap of sorts at the independent agency, Obama cracked a joke, telling employees that he came by to help their new director move in.

More seriously, a seemingly content Obama called the man he tapped a “great director who is tailor-made to lead this agency.”

With Cordray at the helm, after months of delay, the agency will help Americans better digest mortgages, student loans and credit card fees before they become entangled in debt, Obama said before a packed room of more than 100 CFPB employees.

“Now that Richard is your director, you can finally exercise your responsibilities under the law,” Obama said. “We can help give people the clear and transparent information they need” to make the right financial decisions, he said.

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