President Renominates Cordray as CFPB Director, Picks Former U.S. Attorney for SEC
has named Mary Jo White to head the Securities and Exchange Commission (SEC) and
reappointed Richard Cordray as Director of the Consumer Finance Protection
Bureau (CFPB). Cordray is currently
serving in that capacity through a recess appointment by the President.
White is a former U.S. attorney in New York, the first
woman to hold that position. She oversaw
a number of high-profile prosecutions including that of mob boss John Gotti and
the persons responsible for the first World Trade Center bombing. She is currently a partner at the Debevoise
and Plimpton law firm where the New York
Times notes she has defended
Kenneth D. Lewis, a former head of Bank of America and was hired last year by the
N.F.L. to investigate allegations about the New Orleans Saints and an alleged bounty
system for hurting opponents.
appointed by the President last January after the Senate balked at confirming
anyone to head the new CFPB. Since his
appointment Cordray has overseen the promulgation of rules related to several
controversial provisions of the Dodd-Frank act.
His oversight of the rulemaking process has been widely praised by those
affected. It is unclear whether the
Senate has modified its attitude toward the Bureau sufficiently to ratify his permanent
According to the
Times, the Administration made the appointments of the two former prosecutors
(Cordray is also the former Attorney General of Ohio where he sued several big
financial firms) to send a message about the importance of holding Wall Street accountable for wrongdoing.
Carney, White House Press Secretary said, "The president believes that
appointment and the renomination he's making today demonstrate the commitment
he has to carrying out Wall Street reform, making sure we have the rules of the
road that are necessary and that are being enforced in a way" to avoid a crisis
like that of 2008."
Attorney General Attorney General Eric T. Schneiderman who has worked with both
individuals released the following statement on the appointments. "As U.S. Attorney, Ms. White demonstrated a
strong commitment to aggressively enforcing one set of rules for all, and her
outstanding record of bringing white collar criminals to justice speaks for
itself. She is a tough, experienced prosecutor, which is exactly what the SEC
needs right now to restore investor confidence.
Cordray has played a critically important role in developing a regulatory
framework that ensures consumers are protected, and our economy is not
vulnerable to another financial meltdown. He deserves to continue the critical
work he's started."