President Barack Obama will announce his intent to nominate Richard Cordray as the Director of the Consumer Financial Protection Bureau (CFPB). He will make the announcement at an event tomorrow at the White House.
Last year, the President 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. The CFPB ensures that consumers have the information they need to make the financial choices that are best for them and prevents abusive and deceptive financial practices.
President Obama said, "American families and consumers bore the brunt of the financial crisis and are still struggling in its aftermath to find jobs, stay in their homes, and make ends meet. That is why I fought so hard to pass reforms to fix the financial system and put in place the strongest consumer protections in our nation's history. 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."
President Obama continued, "I also want to thank Elizabeth Warren not only for her extraordinary work standing up the new agency over the past year, but also for her many years of impassioned leadership, and her fierce defense of a simple idea: ordinary people deserve to be treated fairly and honestly in their financial dealings. This agency was Elizabeth's idea, and through sheer force of will, intelligence, and a bottomless well of energy, she has made, and will continue to make, a profound and positive difference for our country."
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