Consumer Financial Protection Bureau Director Richard Cordray faced angry Senate Republicans on the banking committee Tuesday in his first Senate hearing since his recess appointment by President Barack Obama. Many of the senators challenged Cordray's authority. "I suspect that the Supreme Court will ultimately decide the constitutionality of the president's action," said Sen. Richard Shelby, R-Ala. "I have been appointed as director," Mr. Cordray countered. "I now have legal obligations I'm supposed to carry out for this bureau. I'm going to do that."
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