Obama picks Richard Cordray as consumer protection chief

08:37, July 18, 2011      

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U.S. President Barack Obama will officially announce his intent to nominate Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB) on Monday, the White House said in a statement on Sunday.

The administration last year fought to pass and signed into law the strongest consumer protections in history in the Wall Street Reform and Consumer Protection Act. The Act created the CFPB, an independent agency with the primary mission of acting as a watchdog for American consumers.

"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," Obama said in the statement.

Cordray is currently chief of enforcement at the Consumer Financial Protection Bureau. Immediately prior, Cordray served as Attorney General of Ohio from January 2009 to January 2011, noted the statement.

Prior to his tenure as Ohio's Attorney General, Cordray spent two years as Ohio's State Treasurer and four as the Treasurer of Franklin County, Ohio. Earlier in his career, Cordray was an adjunct professor at the Ohio State University College of Law, and served as a State Representative for the 33rd Ohio House District.

Source: Xinhua
 
 
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