Cordray Nominated As Head Of CFPB

LA Times:

President Obama will nominate former Ohio Atty. Gen. Richard Cordray to head the new agency to protect consumers in the financial marketplace, acting just days before it is set to begin operations. After months of speculation about who would lead the powerful Consumer Financial Protection Bureau, the White House announced Sunday that Obama decided to bypass Elizabeth Warren, the Harvard law professor and liberal darling who proposed creation of the agency in 2007. She has been working as a special administration advisor for nearly a year preparing the agency for launch on Thursday.
Warren, an outspoken consumer advocate who has drawn Republican ire, was seen as too controversial to be confirmed by the Senate. Obama opted for Cordray, who lost his reelection bid in Ohio last fall and was hired by Warren this year to be head of enforcement for the consumer agency.

Rortybomb explains why the Republicans will blow off his nomination also:

44 Republican Senators have vowed to block anyone unless structural changes are made to the CFPB, and have reiterated today that they will continue to do so.  This is important as there are many things the CFPB can’t do, basically powers that aren’t transfered over from another agency, without a Director. What’s their deal?

Their deal is that they think financial businesses should be free to screw consumers, and they don't want anybody who will try to help consumers be in charge.  Elizabeth Warren would have done a good job, and so would Cordray, who should still be an elected official in Ohio.  Therefore, Republicans don't want anyone to hold the job, unless it is powerless.  They are terrible business lackeys, and are repulsive in their behavior.  Cordray is definitely going to be opposed by these tools, and the country will be worse off.  Ohio might end up better-off though, as Cordray would be the strongest candidate to run against John Kasich in 2014.