President Obama has nominated former Ohio Attorney General Richard Cordray to lead the new Consumer Financial Protection Bureau. The nomination ends calls from some for Obama to recess appoint Elizabeth Warren, who faced hostile questions and criticism from Senate Republicans during several hearings on the agency she helped to spearhead.
Cordray, who has already been working for the agency as head of its enforcement division, “came to national attention for his aggressive investigations of mortgage foreclosure practices while he was attorney general,” The New York Times reports.
Although Cordray has not yet faced the same scrutiny that Warren has, he may have a tough road ahead to Senate confirmation. Many in the financial industry had expressed opposition to Cordray’s selection to head the agency’s enforcement team, and 44 Republican Senators have signed onto a letter suggesting they won’t confirm any nominee to lead the consumer agency, calling instead for a Board of Directors.
“Rick has always had my strong support,” Warren said following news of his nomination, “because he is he is tough and he is smart — and that’s exactly the combination this new agency needs.His work and commitment have made it clear that he will make a stellar director.”
At the 2010 ACS National Convention, Cordray participated in a panel discussion on government regulation. Video of the discussion, “Regulation in the Age of Obama,” is available here.
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