The Presidential Planner: Obama Nominates Cordray To Head Consumer Bureau

Jul 18, 2011 8:04am

ABC News' Mary Bruce (@marykbruce) reports:

Today President Obama will announce that he is nominating former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau. 

Obama’s pick, which he will formally announce in the Rose Garden this afternoon, is seen as a slight to Elizabeth Warren, who first came up with the idea and helped create the agency, but whose nomination would have faced opposition in the Senate.

This week also marks the one-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the financial regulatory oversight bill that also created the CFPB. Today President Obama will receive an update on its implementation from heads of financial regulatory agencies.

Also today, President Obama will meet with members of the Giving Pledge, including Warren Buffet and Bill and Melinda Gates, who started the pact to encourage America’s wealthiest people to donate the majority of their wealth to philanthropy. 

Finally, the president will host an education roundtable with business leaders, Education Secretary Duncan, Melody Barnes, and America’s Promise Alliance Chair Alma Powell and Founding Chair General Colin Powell.

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