President Obama today introduced former Ohio attorney general Richard Cordray as director of the new Consumer Protection Bureau, in an apparent acknowledgement that the mastermind behind the agency, Elizabeth Warren, couldn’t win Senate confirmation.
The Consumer Financial Protection Bureau was a central feature of the law passed last year to overhaul rules governing the financial sector. The agency is to be a government watchdog over mortgages, credit cards and other forms of lending when it officially begins its work on July 21. Republicans and Financial Institutions have expressed strong opposition to the bureau as well as to Warren and now Cordray who is considered a Warren ally. See Obama appoints Cordray.