U.S. President Barack Obama paid a visit Friday to the new Consumer Financial Protection Bureau, saying he thinks it will be one of the nation's “most important agencies for people.”

President Obama addressed agency staff alongside the bureau's newly-appointed director, Richard Cordray.

“That's your mission, to make sure that the American people have somebody in their corner, that American consumers have somebody who's got their back. And you finally got a great director who is tailor-made to lead this agency in Richard Cordray.”

The president angered Republicans Wednesday when he named Cordray to the position using a recess appointment.

Recess appointments allow the president to hire someone without congressional approval when the Senate is not in session.

The top Senate Republican, Minority Leader Mitch McConnell, accused Mr. Obama of misusing his power, saying a recess appointment was not appropriate since senators have been meeting every three days. But Mr. Obama said Republicans held the nomination “hostage” because they disagree with the creation of the new bureau.

On Friday, he stressed his position that the agency is needed to protect consumers from financial abuse.

“Things like hidden fees and traps on credit cards and student loans cost working Americans billions of dollars. Things like subprime loans and skyrocketing interest that you can't escape, can not only bring families to their knees, but the entire economy to its knees.”

The president faces a difficult campaign to win a second term because of the sluggish economy.

He told supporters at the Iowa Democratic Party caucuses Tuesday that the problems of the last three years did not happen “overnight” and will not be fixed “overnight.”

Republicans hoping to win the White House have been vocal critics of the president, saying they hope to repeal health care reform and change the direction of the country.