Obama Taps Ex-Ohio AG for Consumer Bureau

Elizabeth Warren is officially out at the Consumer Financial Protection Bureau: President Obama will tomorrow instead nominate former Ohio AG Richard Cordray to lead the agency, reports the Columbus Dispatch. Cordray is currently the bureau's enforcement director, and Obama will likely dodge the Senate dogfight that would have erupted over Warren's confirmation. Warren herself applauded the choice, calling Cordray "tough and smart—exactly the combination this new agency needs."

“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 [bureau] and looking out for ordinary people in our financial system,” Obama said in a statement. He saluted Warren "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." (More Richard Cordray stories.)