This is the VOA Special English Economics Report.

This week, President Obama appointed Richard Cordray as director of the Consumer Financial Protection Bureau. The new government agency says it has already made home loans and credit card agreements easier for Americans to understand. But the Obama administration said the bureau cannot supervise financial products like home loans without a director.

The president used a measure known as a recess appointment to fill the position. He nominated Mr. Cordray last July. But the opposition Republican Party blocked a vote in the full Senate.

Mr. Obama announced the appointment Wednesday during a visit to Ohio. It was his first political campaign trip of the year. He told the crowd that the severe economic crisis three years ago did not happen because of too many financial rules.