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Obama Nominates Richard Cordray And Mary Jo White For His Watchdog Arsenal

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In his first term, President Obama controversially nominated Richard Cordray over Elizabeth Warren, the woman who is credited with coming up with the idea for the CFPB, for head of the Consumer Financial Protection Bureau. Republicans repeatedly blocked Cordray’s nomination, and after six months of partisan arguments in Congress, Obama invoked executive authority to put Cordray in place. Well last week, a mere four days into his second term, Obama renewed the fight and renominated Richard Cordray to direct the government-run financial watchdog.

Cordray, a former Ohio attorney general, was appointed for the CFPB position in January 2012 while Congress was in recess. This limited the amount of time he could serve without going through a full confirmation process. When asked whether or not Cordray will actually be confirmed this time around, White House spokesman Jay Carney said he did not expect any objections to him “on substance,” calling him “absolutely the right person for the job.”

Carney believes earlier obstacles to Cordray’s nomination were based on “political considerations” from lawmakers who opposed the creation of the Consumer Financial Protection Bureau – which was developed in the wake of the financial crisis as part of the Dodd-Frank act to reform Wall Street - altogether.

Less dramatic was Obama’s decision last week to name former federal prosecutor Mary Jo White as head of the Securities and Exchange Commission.

“We need to keep going after irresponsible behavior in the financial industry so that taxpayers don’t pay the price. I am absolutely confident that Mary Jo has the experience and the resolve to tackle these complex issues and to protect the American people in a way that is smart and in a way that is fair,” said Obama.

White’s appointment drew praise from both Wall Street and reform advocates. She was the only woman to serve in the top spot in the U.S. Attorney’s Office for the Southern District of NY in its 200-year history. Under her watch, the office won about 35 convictions of militant Muslims charged with plotting against Americans. White has also represented JPMorgan Chase & Co in important financial crisis matters.

“I view her as an incredibly well-regarded lawyer who has spent a significant amount of time as a partner at Debevoise representing companies and individuals in high-profile securities related matters,” said Cheryl Scarboro, the former head of the SEC’s Foreign Corrupt Practices Act unit.

White’s husband, John White, served as the director of the SEC’s Corporation Finance division, which oversees public company disclosures, from 2006 to 2008.


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