Former TARP Czar Barofsky Blasts Obama's Recess Appointment Of Richard Cordray

Neil Barofsky

President Obama’s recess appointment of Richard Cordray to the Consumer Finance Protection Bureau last week drew unsurprising heat from Republicans.

Now, former TARP czar Neil Barofsky has launched his own attack on the move, saying the recess appointment was a “political move” and will only undermine the integrity of the already-controversial agency.

In an interview with editors of American Banker magazine, Barofsky said Cordray’s nomination will inevitably lead to litigation that would have been avoided if Obama had named anyone, even Elizabeth Warren, to the post during a pro-forma Senate session.

He also continued his critique of the administration’s approach to housing, saying it had “done almost nothing to deal with the foreclosure crisis.”

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