Posted Jul 18, 2011 02:18 pm CDT
President Obama is expected to nominate the chief of his new Consumer Financial Protection Bureau today—and his pick won’t be Elizabeth Warren, the former Harvard law professor.
Obama will tap former Ohio Attorney General Richard Cordray, according to the Associated Press, the Washington Post and USA Today. Warren praised Cordray, director of enforcement for the agency, as someone who will “make a stellar director.”
Warren helped create the consumer bureau, which will help oversee financial products such as credit cards and mortgages, in an unofficial role. But she was opposed by the financial industry and Senate Republicans. USA Today reports on speculation that Warren’s next step could be a run for the U.S. Senate.
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