July 18, 2011
President Obama on Monday formally named former Ohio Attorney General Richard Cordray as his pick to lead the new Consumer Financial Protection Bureau, scheduled to open later this week on July 21. He was joined in the Rose Garden for the announcement by Cordray, Treasury Secretary Timothy Geithner and Harvard law professor Elizabeth Warren, who has been leading efforts to set up the bureau.
“I asked Elizabeth to find the best possible choice to lead the bureau,” Obama said Monday, according to POLITICO. “And that’s what we’ve found in Richard Cordray… He took this job, which meant being away from his wife and 12-year-old twins in Ohio, because he believed so deeply in the mission of the bureau.”
Watch the video below to hear more of Obama’s remarks from this afternoon’s announcement:
White House Blog: A Big Week for the New Consumer Agency
Statement from Secretary Geithner on the Leadership of the CFPB
Consumer Financial Protection Bureau Issues Report on Agency Progress
Someone’s Knockin’ at the Door-It’s the CFPB!
CFPB and Military’s Top Uniformed Lawyers Release Joint Statement of Principles