The president of the United States of America Barack Obama has announced that he is nominated the former attorney general of the state of Ohio Mr. Richard Cordray to be the head of Financial Protection Bureau a new agency that is recently created by federal government. Mr Cordray was nominated over and above Elizabeth Warren the person who was instrumental to the inauguration of the agency.
Mr Cordray has a good credential for the job as the aggressive work he did in investigating mortgage foreclosure practice was notable when he was the attorney general of the state of Ohio. Before his present nomination he is an employee of a related agency. The new agency will commence its operations on Thursday this week.
The nominee has spent most of his life championing the course of middle class families. He is vigorously concerned with the plight of the middle class as can be seen from the time he was the attorney general of state of Ohio to the present position he is working before being called up to head the new agency.
Congress created the agency with the aim of completely overhauling the financial regulations as the whole country has learnt a bitter lesson during the credit crisis. The agency is a complete new creation.