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Obama Nominates Former Ohio Attorney General to Head CFPB

President Obama on Sunday announced his pick to lead the new ""Consumer Financial Protection Bureau"":http://www.consumerfinance.gov/ (CFPB) â€" Richard Cordray, former attorney general for the state of Ohio.

Cordray was selected to build out the Bureau's enforcement team in December. The president plans to formally nominate Cordray for the top post at the CFPB on Monday. His appointment must still be approved by the Senate.


""American families and consumers bore the brunt of the financial crisis and are still struggling in its aftermath to find jobs, stay in their homes, and make ends meet. That is why I fought so hard to pass reforms to fix the financial system and put in place the strongest consumer protections in our nation's history,"" President Obama said in a statement Sunday.

""Richard Cordray has spent his career advocating for middle class families, from his tenure as Ohio's Attorney General, to his most recent role as heading up the enforcement division at the CFPB and looking out for ordinary people in our financial system,"" the president said.

Obama also thanked Elizabeth Warren for her work setting up the new agency over the past year. Until recently Warren was thought to be the frontrunner for the agency's chief position.

""This agency was Elizabeth's idea, and through sheer force of will, intelligence, and a bottomless well of energy, she has made, and will continue to make, a profound and positive difference for our country,"" Obama said.

The CFPB is set to officially launch formal operations this Thursday, July 21st.