Monday, July 18, 2011

Obama Selects Corday to Head Consumer Agency

President Barack Obama on Sunday chose former Ohio Attorney General Richard Cordray as his nomination to head the new agency charged with protecting U.S. consumers from abusive mortgage lending practices and hidden credit card fees. The announcement means Obama has passed over Elizabeth Warren, the firebrand law professor who envisioned the bureau.

The pick allows Obama to sidestep some of the controversy he would have faced had he nominated Warren, who is credited with conceiving the idea for the new consumer agency but is viewed by many on Wall Street as a foe.  Corday is a strong ally of Warren and she supports his nomination. The president is still likely to face a big fight with Republicans on the pick of Cordray, who has a record of cracking down on the financial industry. His selection requires Senate confirmation.

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