For Immediate Release: July 17, 2011
Contact: Dale Butland, 614-783-5833
Columbus—Janetta King, President of Innovation Ohio, said today that Richard Cordray was the “perfect choice” to head the new Consumer Financial Protection Bureau (CFPB).
King’s comments came after the White House announced earlier today that President Obama has decided to nominate Cordray as the new agency’s first Director. The previously leading candidate to head the CFPB, Elizabeth Warren, had drawn fierce opposition from Republicans who threatened to filibuster her appointment. The CFPB is being created in the wake of the housing crash and the Great Recession to protect consumers from abusive lending practices by banks, credit card companies, mortgage lenders and others. It is scheduled to begin operations later this month.
Said IO President King:
“Rich Cordray has all the tools needed to head this important agency. As a graduate of the prestigious University of Chicago law school, a law clerk for Supreme Court Justice Anthony Kennedy, a stint as Ohio Solicitor General, and three years as Ohio’s Attorney General, Rich has repeatedly shown that he has the intellect, temperament and judgment necessary to excel in this important job.
“But in addition to his gold-plated resume, Rich Cordray also has a wealth of experience in tackling the kinds of consumer issues the CFPB is designed to address. As Ohio Attorney General, he went after financial firms for fraudulent and shoddy mortgage servicing and foreclosure practices—and built a solid reputation as a fierce but fair consumer champion. Here in Ohio, Democrats and Republicans alike know Rich to be smart, savvy, and eminently reasonable. He’s earned enormous respect on both sides of the political aisle.
“Finally, Rich Cordray is that rare nominee who understands finances, economics and fiscal realities and combines it with a solid law enforcement background. President Obama could not have found a better candidate or made a wiser choice. We can’t wait for the rest of America to find out what we Ohioans already know about Rich Cordray. We look forward to what we hope and believe will be a speedy confirmation process.”