After months of delays, MSU graduate Richard Cordray was appointed the Director of the Consumer Financial Protection Bureau, or CFPB on Tuesday with a 66-34 vote in the U.S. Senate.
A 1981 legal and political theory graduate from MSU, Cordray went on to attend the University of Oxford, as well as the University of Chicago Law School. During his junior year, he had his first taste of politics, serving as an intern for U.S. Senator John Glenn. Cordray later went on to serve as the treasurer and later the Attorney General of Ohio until being picked by Obama to head up the CFPB.
Cordray’s nomination was previously delayed, as Republican members of the Senate had explicitly vowed to block any nominations from the Obama administration. However, Democrats and Republicans compromised, breaking the longstanding filibuster over Obama’s appointments.
Cordray will be the first director of the CFPB, which was created by President Obama after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bureau is responsible for regulating consumer protection and is overseen by the Federal Reserve. The CFPB opened its doors in July 2011, but lacked a leader until Cordray’s appointment two years later.
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