A day before a federal appeals court declared his three recess appointments to the National Labor Relations Board to be unconstitutional, President Barack Obama again nominated Richard Cordray to be the director of the CFPB, setting the stage for another potentially bitter confrontation with Republican opponents in the Senate. Obama made a recess appointment of Cordray to his current position at the same time he made his NLRB moves, early last year, bypassing the traditional Senate confirmation process in an end-around to fierce opposition from GOP members in the chamber. The problem for the president is...