Last week, the U.S. Court of Appeals for the D.C. Circuit cast some doubt on the validity of President Barack Obama’s controversial recess appointments to the National Labor Relations Board – and by extension, that of Richard Cordray as director of the CFPB. Noel Canning v. National Labor Relations Board involves a challenge to the president’s recess appointments to the NLRB in early January – during a period when the Senate was holding pro forma sessions every three days specifically to deny him the opportunity to make...