President Obama has nominated democrat Richard Cordray, former attorney general of Ohio, to head the Consumer Financial Protection Bureau. As the name implies, the agency was set up in the wake of the financial crisis to tame risk taking on Wall Street, prevent taxpayer bailouts and protect consumers.
Cordray is currently a top enforcement officer at the agency. During his tenure as Ohio AG, Cordray challenged banks over their mortgage foreclosure practices. The Senate has already made clear that it wil fight the nomination