President Barack Obama will nominate former Ohio Attorney General Richard Cordray to head a powerful new consumer protection agency, White House officials said.
At a White House event Monday, Obama will announce his choice of Cordray, 52, who is currently serving as director of enforcement for the new agency called the Consumer Financial Protection Bureau.
By picking Cordray, Obama hopes to avoid a bruising Senate confirmation battle that would have occurred had he selected Elizabeth Warren, the Harvard law professor who came up with the idea and ultimately helped to set up the agency.
“Richard Cordray has spent his career advocating for middle class families, from his tenure as Ohio’s Attorney General, to his most recent role as heading up the enforcement division at the (bureau) and looking out for ordinary people in our financial system,” Obama said.
Sen. Sherrod Brown, D-Ohio, called the selection of Cordray a “great move. There’s no question of Rich’s qualifications.”
He predicted the Senate will likely confirm Cordray for the post “unless they get to be hyper-partisan. My only fear is Republicans don’t think we should have consumer protection rules.”
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Here is the reaction from Elizabeth Warren. Keep in mind, Ms. Warren recruited Cordray to work for the CFPB:Elizabeth Warren confirmed the news of Cordray's nomination in a statement to The Huffington Post. "Rich has always had my strong support because he is tough and he is smart-and that's exactly the combination this new agency needs," she said. "He was one of the first senior leaders I recruited for the agency, and his work and commitment have made it clear that he will make a stellar director."
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