Obama Passes Over Warren, Names Deputy to Run Consumer Agency

[democracy1st]

President Obama nominated Richard Cordray, a former Ohio attorney general and state lawmaker, to run the nascent Consumer Financial Protection Bureau on Sunday. The announcement comes just four days before the CFPB, set up in 2010′s sweeping overhaul of the financial sector, is set to open its doors, and marks the beginning of the end of financial regulatory reform’s foremost political drama.

Cordray’s resume is well suited to the task at the CFPB, an agency responsible for policing consumer products like mortgages and credit cards. As Ohio’s top law enforcement official, he led the charge in a class action lawsuit on behalf of public pension funds against Bank of America over losses incurred after the acquisition of Merrill Lynch. After years in Ohio politics — and a few failed attempts to reach Washington by way of Congress — Cordray, 52, landed a job as assistant director for enforcement at the CFPB after losing re-election last November. “Richard Cordray has spent his career advocating for middle class families,” Obama said,” and looking out for ordinary people in our financial system.” Of couse, Obama will get more scrutiny for whom he didn’t pick, than for whom he did.



Read more: http://swampland.time.com/2011/07/17/obama-picks-former-ohio-ag-warren-deputy-to-head-consumer-bureau/#ixzz1SO4JY3OW

[TheWraith]

1. And by "passes over Warren," they mean "Cordray was Warren's choice."

Gotta love muckracking headlines. :eyes:

[shraby]

2. Not only that, but when Warren agreed to set up the bureau,

she said then that she didn't want to head it.

[DCKit]

4. Works for me.

If she thinks the best guy for the job isn't her, I can live with that.

But you've got to love how terrified the Republics are of her.

[shraby]

6. It's not that she thinks she's not the best person for the job,

but she is teaching at a University and she doesn't want to quit that job..not to be the head of a bureau.
In fact I don't know if she wants to run for the Senate. She would be great at any job she decides to do. She has intelligence, and plenty of enthusiasm about what she is doing at any time.

[David Gill]

3. He should have gone with a recess appointment

http://www.politicsundelivered.com/2011/06/statement-on-recess-appointment-of.html">The announcement Obama SHOULD have made about the CFPB

[Gman]

5. She ready did that once

And didnt want to do it again.