Today President Obama took a big step forward in his goal to strengthen the economy and strengthen the middle class with the nomination of Richard Cordray as Director of the Consumer Financial Protection Bureau.
It has been one year since President Obama passed financial reform to help tackle the problems that created the financial crisis that pulled the economy into the worst recession we've seen since the Great Depression, As the President described today, the law did three things, "First, it made taxpayer-funded bailouts illegal, so taxpayers don’t have to foot the bill if a big bank goes under. Second, it said to Wall Street firms, you can’t take the same kind of reckless risks that led to the crisis. And third, it put in place the strongest consumer protections in history."
As part of financial reform, President Obama tasked one consumer watchdog with "looking out for regular people in the financial system." The President got the idea from Elizabeth Warren:
And that’s why I asked Elizabeth Warren to set up this new bureau. Over the past year she has done an extraordinary job. Already, the agency is starting to do a whole bunch of things that are going to be important for consumers — making sure loan contracts and credit card terms are simpler and written in plain English. Already, thanks to the leadership of the bureau, we’re seeing men and women in uniform who are getting more protections against fraud and deception when it comes to financial practices. And as part of her charge, I asked Elizabeth to find the best possible choice for director of the bureau.
Fonte: White House