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President Obama (left) speaks as Richard Cordray, the newly confirmed director of the Consumer Financial Protection Bureau, looks on in the State Dining Room of the White House in Washington on Wednesday, July 17, 2013. The Senate voted on Tuesday to end a two-year Republican blockade that was preventing Mr. Cordray from winning confirmation. (AP Photo/Susan Walsh)

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President Obama (left) speaks as Richard Cordray, the newly confirmed director of the Consumer Financial Protection Bureau, looks on in the State Dining Room of the White House in Washington on Wednesday, July 17, 2013. The Senate voted on Tuesday to end a two-year Republican blockade that was preventing Mr. Cordray from winning confirmation. (AP Photo/Susan Walsh)

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**FILE** President Obama pauses in the State Dining Room of the White House on Jan. 24, 2013, as he announces that he will nominate Mary Joe White to lead the Security and Exchange Commission and re-nominate Richard Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment. (Associated Press)

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Richard Cordray, President Obama's pick to head the Consumer Financial Protection Bureau, testifies March 12, 2013, at his confirmation hearing in front of the U.S. Senate Banking, Housing and Urban Affairs Committee on Capitol Hill. (Andrew Harnik/The Washington Times)

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Richard Cordray and Mary Jo White are sworn in March 12, 2013, before testifying in front of the U.S. Senate Banking, Housing and Urban Affairs Committee on Capitol Hill for their confirmation hearings. Cordray and White are President Obama's picks to head the Consumer Financial Protection Bureau and the Securities and Exchange Commission, respectively. (Andrew Harnik/The Washington Times)

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**FILE** Richard Cordray stands left as President Obama announces in the State Dining Room of the White House on Jan. 24, 2013, that he will re-nominate Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment, and nominate Mary Joe White to lead the Security and Exchange Commission (SEC). (Associated Press

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nominations_20130312_05_mugshot_four_by_three.jpg

Richard Cordray and Mary Jo White are sworn in March 12, 2013, before testifying in front of the U.S. Senate Banking, Housing and Urban Affairs Committee on Capitol Hill for their confirmation hearings. Cordray and White are President Obama's picks to head the Consumer Financial Protection Bureau and the Securities and Exchange Commission, respectively. (Andrew Harnik/The Washington Times)

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** FILE ** In this Jan. 24, 2013, file photo, Consumer Financial Protection Bureau head Richard Cordray listens at left as President Barack Obama announces in the State Dining Room of the White House in Washington that he will renominate Cordray to lead the bureau, a role that he has held for the last year under a recess appointment. (AP Photo/Carolyn Kaster, File)

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Richard Cordray, President Obama's pick to head the Consumer Financial Protection Bureau, testifies March 12, 2013, at his confirmation hearing in front of the U.S. Senate Banking, Housing and Urban Affairs Committee on Capitol Hill. (Andrew Harnik/The Washington Times)

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NOMINATIONS_20130312_05

Richard Cordray and Mary Jo White are sworn in March 12, 2013, before testifying in front of the U.S. Senate Banking, Housing and Urban Affairs Committee on Capitol Hill for their confirmation hearings. Cordray and White are President Obama's picks to head the Consumer Financial Protection Bureau and the Securities and Exchange Commission, respectively. (Andrew Harnik/The Washington Times)

NOMINATIONS_20130312_03

NOMINATIONS_20130312_03

Richard Cordray, President Obama's pick to head the Consumer Financial Protection Bureau, testifies March 12, 2013, at his confirmation hearing in front of the U.S. Senate Banking, Housing and Urban Affairs Committee on Capitol Hill. (Andrew Harnik/The Washington Times)

obama-sec_live1_2_mugshot_four_by_three.jpg

obama-sec_live1_2_mugshot_four_by_three.jpg

**FILE** President Obama pauses in the State Dining Room of the White House on Jan. 24, 2013, as he announces that he will nominate Mary Joe White to lead the Security and Exchange Commission and re-nominate Richard Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment. (Associated Press)

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President Obama made a recess appointment to enable Richard Cordray (behind him) to begin serving as director of the Consumer Financial Protection Bureau. Mr. Obama made three other recess appointments. (Associated Press)

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President Obama announces in the State Dining Room of the White House in Washington on Thursday, Jan. 24, 2013, that he will nominate Mary Joe White (right) to lead the Securities and Exchange Commission (SEC) and will renominate Richard Cordray (left) to head the Consumer Financial Protection Bureau, a position he has held for the past year under a recess appointment. (AP Photo/Carolyn Kaster)

obama-sec_lea_2_mugshot_four_by_three.jpg

obama-sec_lea_2_mugshot_four_by_three.jpg

President Obama announces in the State Dining Room of the White House in Washington on Thursday, Jan. 24, 2013, that he will nominate Mary Joe White (right) to lead the Securities and Exchange Commission (SEC) and will renominate Richard Cordray (left) to head the Consumer Financial Protection Bureau, a position he has held for the past year under a recess appointment. (AP Photo/Carolyn Kaster)

obama-sec_live1_mugshot_four_by_three.jpg

obama-sec_live1_mugshot_four_by_three.jpg

President Obama pauses in the State Dining Room of the White House on Jan. 24, 2013, as he announces that he will nominate Mary Joe White to lead the Security and Exchange Commission and re-nominate Richard Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment. (Associated Press)

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Obama SEC_Live(1).jpg

**FILE** President Obama pauses in the State Dining Room of the White House on Jan. 24, 2013, as he announces that he will nominate Mary Joe White to lead the Security and Exchange Commission and re-nominate Richard Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment. (Associated Press)

obama-sec_live_mugshot_four_by_three.jpg

obama-sec_live_mugshot_four_by_three.jpg

Richard Cordray stands left as President Obama announces in the State Dining Room of the White House on Jan. 24, 2013, that he will re-nominate Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment, and nominate Mary Joe White to lead the Security and Exchange Commission (SEC). (Associated Press

Obama SEC_Live.jpg

Obama SEC_Live.jpg

**FILE** Richard Cordray stands left as President Obama announces in the State Dining Room of the White House on Jan. 24, 2013, that he will re-nominate Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment, and nominate Mary Joe White to lead the Security and Exchange Commission (SEC). (Associated Press

20120112-204411-pic-800870226_2_mugshot_four_by_three.jpg

20120112-204411-pic-800870226_2_mugshot_four_by_three.jpg

President Obama made a recess appointment to enable Richard Cordray (behind him) to begin serving as director of the Consumer Financial Protection Bureau. Mr. Obama made three other recess appointments. (Associated Press)