Obama appoints Richard Condrary as the chief of the Consumer Financial Protection Program that is targeted to help stop financial intuitions from cheating the consumers. Unlike the patchwork that the bureau takes on the new appointed chief is taking actions into extending the federal governments authority and changing the way consumers think about the financial institutions. Consumers are now benefiting from a negotiable pay rate and a pay loan for schools.
Based on previous reports, it was stated that these financial sections did not do their job in protecting the consumer from the credit crisis. He also states that the consumers needs someone to regulate and stand up for what is right and protect them from fraud. It was stated in his speech yesterday that the new bureau was created to protect the Americans. President Obama supports Condrary by making sure all rules are being enforced.