Former Ohio Attorney General Nominated to be First Director of Agency
Thursday July 21, 2011 was the Consumer Financial Protection Bureau's first day in business. This new federal agency was created with the goal of protecting consumers from financial fraud and wrongdoing. However, it is impossible for the Consumer Financial Protection Bureau to fulfill its entire mission, particularly with regard to nonbank financial companies, without a confirmed director.President Obama has nominated former Ohio Attorney General Richard Cordray to be the first director of the Consumer Financial Protection Bureau. However, Republicans insist that they will block Mr. Cordray's nomination until the powers of the agency are curtailed. In fact, on the same day that the Consumer Financial Protection Bureau opened for business, a Republican bill in the House of Representatives passed that would require the agency to have a five person advisory board in place of a single director. Reports indicate that the bill would likely face a tougher road in the Senate and a veto by President Obama.
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