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Posted on 07/18/2011 11:43:44 AM PDT by Eagle of Liberty
President Barack Obama is expected to nominate Richard Cordray to head the new Consumer Financial Protection Bureau on Monday.
The announcement means Obama has passed over Elizabeth Warren, the firebrand law professor who envisioned the bureau.
If confirmed, Cordray's pick sets up formal leadership for the bureau created under the Wall Street reform bill passed last year. However, many Senate Republicans have vowed to block any nominee to head the bureau, which they argue lacks transparency and accountability.
Warren was staunchly opposed by many business interests as well as members of Congress, and with an election year approaching, it was never clear if Obama would have chosen her for the post.
As an assistant to the president, Warren is currently setting up the bureau until a permanent director is confirmed. She issued a statement supporting the nomination of Cordray, a former Ohio attorney general who currently serves as the chief enforcement officer for the bureau.
"Rich has always had my strong support because he is tough and he is smart -- and that's exactly the combination this new agency needs," Warren said. "He was one of the first senior leaders I recruited for the agency, and his work and commitment have made it clear that he will make a stellar director."
The liberal advocacy group MoveOn.org called for Cordray to match Warren's commitment to protecting the rights of consumers.
(Excerpt) Read more at cnn.com ...
How much is THIS going to cost us?
I pray that the next President disbands all these bureaus, agencies and fires the parasites hired. The 250,000 parasites hired in support of Obamacare need to be fired on Jan 21, 2013.
The cost is directly related to the new regulations that will come from this.
It requires the top tier of investment banks to have quotas of minorities.
That's not all. The new Consumer Financial Protection Bureau also has the same requirement.
That means both banks AND the new overseeing body will be FORCED to be LED by people like Lisa Jackson, a La Raza activist and some token gay freak who knows nothing about finance.
This is a nightmare and one of the main reasons large firms are not hiring IMO.
It's from the gov't so it's FREE! It doesn't cost us a thing!
Oh, good. I’m glad to hear THAT!
For a few minutes, there, I was worried it might cost me something...
;-)
You mean like... Barney Frank?
0bama is supporting an agency to cut taxes, get government off the backs of consumers, and let interstate commerce work on it's own?
GREAT!
Or am I misreading the intent here....
Richard Cordray to head the new Consumer Financial Protection Bureau
Condray, the main financial protection we need is from our own FREAK’N government. And, I am sure you’re up to that, right? Right.
The Libtards will be most unhappy. They had thrown all-in with Elizabeth Warren.
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.
“Richard Cordray to head the new Consumer Financial Protection Bureau”
The last one did not get congress approval but I wonder why he is dong this since he appointed an unapproved czar dictating policy with no oversight already.
I’m in Ohio and voted against him in 2010; he’s a scary commie...Obama wants him because he can deliver some Ohio votes fresh from the 2010 election.
Either the Czar’s tenure is coming to a mandatory end, or he wants to see someone get in who will still be in place if/when the GOP takes the Senate and/or WH in ‘12.
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