EYEWITNESS LOCAL NEWSObama Praises Approval Of Ohio's Cordray To Head U.S. Consumer Office
from Eyewitness News Online
Reported by: Associated Press
Web Producer: Heath Harrison
Reported: Jul. 17, 2013 3:46 PM EDT
Updated: Jul. 17, 2013 4:06 PM EDT
President Barack Obama is praising the work of the Consumer Financial Protection Bureau a day after the Senate acted on the long-stalled confirmation of the agency's director. Creation of the bureau was one of the key features of a 2010 financial regulation law, and it has long been a point of contention with Republicans.
The Senate confirmation of Richard Cordray on Tuesday and his swearing-in by Vice President Biden Wednesday morning cap a drawn-out fight between Obama and the financial industry over the agency's authority. Obama said Cordray's confirmation provides certainty to the agency and to Americans that the protections they receive will endure.
Cordray's confirmation was part of a deal in the Senate to dislodge a number of Obama nominations that had faced Republican opposition.
Cordray served as Ohio's attorney general from 2009 to 2011.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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