President Obama announced at a speech in Ohio that he will make a recess appointment and place Richard Cordray in the position of Director of the Consumer Financial Protection Bureau (CFPB). Last month, Senate Republicans did not allow his nomination to move forward.
This is the agency that was formed as part of the Dodd-Frank financial overhaul legislation.
The President's remarks took place at Shaker Heights High School in Ohio.
Ohio is set to hold its primary March 6 and the President's visit will mark his 16th trip to the state. He traveled to Ohio in September to garner support for his jobs plan.
The speech is the president's first since returning from a more than week-long vacation in Hawaii for the holidays.