Former Ohio Attorney General Picked to Lead Consumer Agency

http://www.nytimes.com/2011/07/18/business/former-ohio-attorney-general-picked-to-lead-consumer-agency.html

Former Ohio Attorney General Picked to Lead Consumer Agency
By BINYAMIN APPELBAUM

WASHINGTON — President Obama said Sunday that he would nominate Richard Cordray, the former attorney general of Ohio, to lead the new Consumer Financial Protection Bureau, passing over Elizabeth Warren, the Harvard Law professor who was the driving force behind the bureau’s creation.

Mr. Cordray came to national attention for his aggressive investigations of mortgage foreclosure practices during his one term as attorney general. He had already joined the watchdog agency, which starts formal operations on July 21, as the head of its enforcement division.

“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 C.F.P.B. and looking out for ordinary people in our financial system,” Mr. Obama said in a written statement. He will formally announce the nomination Monday.

The decision to pass over Ms. Warren, who conceived the bureau, championed its creation, and for the last year as a White House adviser orchestrated its establishment, reflects political realities. Her candidacy was passionately supported by liberal members of Congress and consumer advocacy groups, but Republicans had vowed to block a vote.

a great choice. From the OP:

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He went after the banks and AIG as Ohio AG.

him.

Consistent supporter of consumers and citizens. Worked hard to get retirement $ back from Wall Street, though was thwarted by the system. I hope with this new power he will be able to do much more.

And IIRC, a big winner on "Jeopardy!", to boot.

He was running for treasurer and was a gentleman and a good campaigner.

I had a chance to get to know him that year as we campaigned together whenever he was in Cuyahoga (Cleveland) county.

I was the treasurer for the party at that time and he always took the time to thank everyone who worked for him and sent notes to all the people at the Headquarters that put out the absentee's and did all the grunt work.

He was the only statewide candidate that did that...

Lucky you for getting to know him.

and for the people, asking in the process, what more must we do to satiate and gorge your every heart's desire? :patriot:

I think you'll be pleasantly surprised to see how hard the Republicans will fight this appointment (if my prediction comes true).

This appointment says to me that Warren really did not want the permanent job, that Obama looked for someone as similar to her in values and smarts as he could find, and that he chose someone who, given support, will be much tougher on Wall Street than I thought he would appoint. I realize all of this could be wrong, but I'm excited if it turns out to be true.

Republicans have mostly gotten their way/set the national agenda imo since Democrats first gained control of both Houses of Congress and the Presidency, including a primarily Republican HCR law and continuation of junior's wars, tax cuts, Wall Street bailouts, appointees, Patriot Act, TSA ludicrousness, et al ad infinitum. :shrug: :patriot:

a tireless advocate for consumers when he was Attorney General here. He is also responsible for the Wal-Mart "clawback." Wal-Mart had gotten some huge tax break for opening an optical lab in Ohio in exchange for the 650 jobs created and a promise to keep the center open for so many years.

Wal-Mart(surprise, surprise!) broke its promise, shut down the center, and laid everyone off before the term was up. Cordray went after them, took them to court, and forced them to pay almost $2 million back to the State.

He also went after some of the Wall Street banks who were responsible for looting public employees' pension funds and got some of that money back.

Wall Street and the Chamber of Commerce HATE Cordray, as shown by how their special interest groups poured money into Mike DeWine's successful campaign to unseat him.

We'll see what happens. I imagine his nomination will be filibustered and Obama will cave, as usual. Or, if not, Cordray will actually try to do his job and be forced to resign after Obama's Wall Street buddies squeal like the stuck pigs they are. I hope I'm wrong. Time will tell. Still, Cordray's a good choice for a consumer advocate. He's an attack dog.

That would be poetic justice. I think she might just beat the Ken doll.

a nationally recognized issue (per predatory lending.) I think he would be promising.