Ohioan Richard Cordray Named As Nation’s Chief Consumer Watchdog

Former Ohio Attorney General and Grove City native Richard Cordray.(Photo: Ohio Attorney General's Office)

10:32AM

January 4, 2012

by The Associated Press

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Former Ohio Attorney General and Grove City native Richard Cordray.(Photo: Ohio Attorney General's Office)

Senior administration officials tell The Associated Press that President Barack Obama will use a recess appointment to name Richard Cordray as the nation’s chief consumer watchdog despite strong Republican opposition.

With a director in place, the Consumer Financial Protection Bureau will be able to start overseeing the type of financial companies often blamed for practices that helped send the economy into a downward spiral.

Obama’s end run around the Senate is likely to cause an uproar among Republicans in Congress.

The White House contends the Senate’s “pro forma” legislative sessions are a gimmick and therefore Obama has the power to make the short-term appointment. Cordray would serve for at least the next two years.

The officials spoke on condition of anonymity ahead of Obama’s planned announcement in Ohio later Wednesday.