Obama Reelection Strategy Seen in Cordray Appointment
By Stacy Kaper and Dan Friedman, National Journal, Jan 4, 2012

[...]Obama announced the appointment in the swing state of Ohio as the White House linked the move to their campaign of attacks on congressional obstruction.

[...]

“The anxiety levels in the banking industry have shot up tenfold overnight,” said Richard Hunt, head of the Consumer Bankers Association. “It’s going to give great consternation to the new powers of the CFPB.”

Any new regulation issued by the agency will likely be contested in court on the grounds that Cordray’s installment was unconstitutional.

“There will be a cloud over everything the bureau does in any kind of official way for a very lengthy period,” said Alan Kaplinsky, a partner with Ballard Spahr. “This is the kind of thing that probably goes all the way to the U.S. Supreme Court. It’s a colossal waste of resources.”

The U.S. Chamber of Commerce’s David Hirschmann called the move a “lightning rod” that amounted to a “slash-and-burn approach” but would not commit his group to a lawsuit.

“As we’ve shown in the past, we’ll pursue every avenue possible to ensure that regulators do their job within the law effectively,” he warned. [...]