A U.S. Treasury spokesman confirmed on Wednesday that Ohio Attorney General Richard Cordrayhas been tapped to lead the enforcement arm of the new federal Consumer Finance Protection Bureau.
Democrat Cordray lost his bid for re-election to former U.S. Sen. Mike DeWine in a sweep ofstate offices by Republicans last month.
Elizabeth Warren is the special assistant to President Barack Obama overseeing the creationof the new bureau. She chose Ohio as her first stop outside Washington to discuss the initiative inOctober.
The new consumer agency will rewrite the rules for everyday financial products such as creditcards and mortgages. It's a cornerstone of the Obama administration's overhaul of the financialindustry.
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