President Obama will nominate former Ohio Attorney General and Democrat Richard Cordray to head the Consumer Financial Protection Bureau, Reuters reported.This follows months of speculation that Elizabeth Warren, who spearheaded the establishment of the new agency, might be named its chief.
Cordray has been part of the team working to set up the CFPB, and was named head of its enforcement arm by Warren last year.
Now, by selecting Cordray, it “allows Obama to sidestep a heated battle for Senate confirmation he would have faced had he nominated” Warren, Reuters said.
However, Cordray’s senate confirmation may not be that simple; he too has been outspoken about the banking industry, like Warren.
And Republicans have already responded to the news about Cordray by saying that “they intend to oppose “any nominee, regardless of party affiliation” unless the White House made a slew of changes to the agency,” Politico reported.
“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 CFPB and looking out for ordinary people in our financial system,” Obama said.
Warren has endorsed the nomination. She “very much wanted the job,” according to Politico, “but acknowledged that she would not be confirmed by the U.S. Senate. Her first choice… was her deputy Raj Date.”
So here’s the dossier on Cordray.
An Ohio native, Cordray was the state’s AG from November 2008 until November 2010, when he lost his re-election campaign to Senator Mike DeWine. Before the AG gig, Cordray was the the Ohio State Treasurer.He earned a B.A from Michigan State; he was a Marshall Scholar at Oxford, where he earned his M.A; he was editor-in-chief of the University of Chicago Law Review, where he earned his JD; he was a law clerk for Supreme Court Justice Anthony Kennedy; and a congressman in the Ohio House of Representatives.
He is also an “undefeated five-time Jeopardy! champion.“
He won $45,303 on the show in 1987. He used the winnings to pay off his law school debt, pay taxes and to buy a used car.
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