This is the Cato Daily Podcast for Thursday, July 18th, 2013.

I'm Caleb Brown.

The new Federal Consumer Protection Bureau created by Dodd Frank now has a Senate approved

leader, Richard Cordray,

there are plenty of reasons to be concerned about an agency with broad authority,

limited oversight, led by someone who hopes to soon return to a career in

politics.

Louise Bennett, Associate Director of the Cato Institute's Financial

Regulation Studies, comments.

I think the key point here, there's two things.

First, there's Mr Mr Cordray himself and he has you know he's he's a he was a political

Appointee he's a he's a politician himself.

He's run for office in Ohio before.

He said that he intends to run for office again.

And so one of the issues with this appointment

is is he going to use this highly

politicized position because you know regulatory agency really shouldn't be a

political position yes the the sitting president has the right to choose certain people.

But if we take a different regulatory agency, look at the SEC.

The SEC has several commissioners, it has a board, you know, there's not just one person sitting

at the top calling the shots.

It also has a lot more duties and obligations to respond to Congress.

...