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President Obama yesterday disappointed his base in announcing he would nominate Richard Cordray to be the Director of the embattled Consumer Finance Protection Bureau. Harvard Law Professor Elizabeth Warren was long championed as the only acceptable choice for the post by Labor, consumer advocates, and progressive policy organizations. The decision to bypass Warren came after months of reports that the President was actively seeking an alternative to her, as she was vehemently opposed by both Republicans and members of Obama’s own cabinet. Warren was a key contributor to the 2010 financial reform legislation, and the architect of the Consumer Finance Protection Bureau. She has been the de-facto head of the Bureau, but enthusiastically endorsed Cordray as a permanent replacement. He is a Warren ally who has been working under her as “head of enforcement.” He is also the former Attorney General of Ohio. Yesterday, Warren praised Cordray in a blog post on the White House website, writing, “[h]e has a proven track record of fighting for families… Rich is smart, he is tough, and he will make a stellar Director.” While Warren is the most controversial figure for conservatives, some Republicans are simply opposed to the new agency as a whole. As recently as this May, 44 Republican Senators vowed to block anyone from being appointed as Director until the powers of the Bureau are significantly weakened. The President is working against the clock to secure this nomination before the agency is set to go live this Thursday. The Progressive Change Campaign Committee, a group that drummed up massive support for a Warren post to the CFPB, started up a new campaign – Warren for Senate.

GUEST: Jamie Court, President of Consumer Watchdog and author of The Progressive’s Guide To Raising Hell: How to Win Grassroots Campaigns, Pass Ballot Box Laws, and Get the Change We Voted For– A Direct Democracy Toolkit

Find out more about Consumer Watchdog at www.consumerwatchdog.org.