President Obama on Monday formally named former Ohio Attorney General Richard Cordray as his pick to lead the new Consumer Financial Protection Bureau, scheduled to open later this week on July 21. He was joined in the Rose Garden for the announcement by Cordray, Treasury Secretary Timothy Geithner and Harvard law professor Elizabeth Warren, who has been leading efforts to set up the bureau.
“I asked Elizabeth to find the best possible choice to lead the bureau,” Obama said Monday, according to POLITICO. “And that’s what we’ve found in Richard Cordray… He took this job, which meant being away from his wife and 12-year-old twins in Ohio, because he believed so deeply in the mission of the bureau.”
Watch the video below to hear more of Obama’s remarks from this afternoon’s announcement:
