Posted on 07/17/2011 2:29:24 PM PDT by Hunton Peck
WASHINGTON (AP) — President Barack Obama intends to nominate former Ohio Attorney General Richard Cordray to lead a new consumer financial protection bureau that was a central feature of a law that overhauled banking regulations.
Obama plans to announce the nomination formally on Monday, the White House said in a statement Sunday. Republicans immediately threatened to block his Senate confirmation.
In choosing Cordray, Obama bypassed Elizabeth Warren, a favorite of consumer groups, who has been assembling the agency as a special adviser to the White House and to Treasury Secretary Timothy Geithner.
The agency will officially begin its oversight and regulatory work on July 21. Its role is to be a government watchdog over mortgages, credit cards and other forms of lending.
"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 in a statement.
Warren, who is considered the architect of the consumer bureau, faced stiff Republican opposition in the Senate and would have had a difficult time wining confirmation.
The financial industry lined up against Warren. Bankers said a Warren-run agency would restrict new products just when companies are seeking to replace profits squeezed by the new financial rules.
But Sen. Richard Shelby of Alabama, the top Republican on the Senate Committee on Banking, Housing and Urban Affairs, said Republicans would block Cordray as well unless Obama seeks changes in the agency.
"Until President Obama addresses our concerns by supporting a few reasonable structural changes, we will not confirm anyone to lead it," Shelby said. "No accountability, no confirmation."
(Excerpt) Read more at centurylink.net ...
Just what we need, another Federal Agency, more Government funds pissed away. More Expense for Offices and personnell.
This bunch just cannot understand that we need to get rid of half the Agencies we now have, Not make more.
Actually, more socialism and fascism. The next president will have much to fix, repair, and undo. And the conservatives had better not take their eye off the Obamacare ball -— a major timebomb waiting to go off.
Freedom loving Republicans should block hit;er hussain at every move.
President Barack Obama intends to nominate former Ohio Attorney General Richard Cordray to lead a new consumer financial protection bureau that was a central feature of a law that overhauled banking regulations.
Consumer Financial Protection Bureau. I'm wondering who will protect us from this bureau. Let me guess, financial records of every dime spent by a household will be maintained in a database; of course the "Bureau" will report directly to Obama.
Of course, this bureau will be equipped with every type of military hardware you can think of. Paramilitary units descending on a household because of a ‘questionable purchase’ alert.
Did this S.O.S. work for soros and ted strickland back in the day?
Yes.
If Obama yields to shrewd advice, this agency will beat on the known liberal hobby horse of “heartless big businesses that are killing Americans” rather than becoming a new nose in household affairs. The first will get more political traction than the second. But Obama doesn’t always care a lot about self consistency.
Paybacks for helping Obama steal Ohio in 2008....
Cordray will be JUST as bad as Warren since Obama picked him!
MORE PAYROLL and PERKS for US to pay that nobody needs!!!
I'm not a wealthy guy HiTech, but I believe corporations should not pay any taxes. It frees up money to invest in better equipment, which makes them more competitive, which creates jobs, sorry I'm preaching to the choir.
Class warfare BS. Like the Democrat leadership is in the poor house. Their constituency is too stupid to realize that their 'advocates' are those keeping them down. Opportunistic p****s.
Wow, another liberal icon tossed under the Obama yellow bus.
The uber left sees Elizabeth Warren like a sort of Mother Teresa of liberalism. helping the poor abused middle class from the corrupt evil corporations who have enslaved them
I'm sure Obama told Cordray "look you are going to be the figurehead, but Elizabeth reports to me"
I hope it is noticed that she ALREADY has been putting this agency together. She will have VAST powers over corporations and small business
Dick Obama picks Dick Cordray.
Doesn't he realize Dick Obama is aiming to get rid of middle-class families?
I can't imagine what metric was used for that.
Probably the same one 0 used to discover that 80% of Americans want higher taxes — the Audacity of Bald-Faced Lies metric.
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