President Obama is expected on Monday to nominate former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau (CFPB).
Obama opted against choosing Elizabeth Warren, the Harvard professor who has been setting up the bureau as a special advisor, but was unpopular with lawmakers.
"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," Obama said Sunday in a statement.
“I also want to thank Elizabeth Warren not only for her extraordinary work standing up the new agency over the past year, but also for her many years of impassioned leadership, and her fierce defense of a simple idea: ordinary people deserve to be treated fairly and honestly in their financial dealings," he said.
"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.”