[Texas Fossil]

The agency officially opened its doors in July, but under law cannot carry out its full functions until a director is in place. It can enforce existing bank regulations, but cannot issue new rules affecting nonbank entities such as payday lenders and credit card companies.

Obama said this week he would veto any effort to delay, defund or dismantle the financial rules put in place last year.

http://www.thegrio.com/politics/gop-blocks-obama-nominee-to-head-financial-agency.php

Does the President have the authority to veto the power of Congress for funding?

[Ratman83]

Does the President have the authority to veto the power of Congress for funding?

Yes the President can veto a spending bill. Then the House and Senate can vote to override the veto.

[TheErnFormerlyKnownAsBig]

Codray is going to issue an edict stating credit card companies can’t charge interest over some much lower percentage than they do now..say, 11%. Then when the credit card companies whine and start losing money....everyone who has their cards max’ed out will LOVE Obama.

He will be positioning the campaign as Him for working stiffs, and GOP for the rich elite corporations, and as evidence....the GOP will be fighting for high credit card interest rates.

Watch and see....