Obama Renominates Cordray to Lead Consumer Financial Protection Bureau

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The president used a recess appointment last year to circumvent Congress and install Cordray as head of the bureau. That appointment expires at the end of this year. Cordray says he wants to continue the work his office has been doing.

CORDRAY: "For more than a year, we've been focused on making consumer finance markets work better for the American people. We approach this work with open minds, open ears and great determination. We all thank you and the Congress for the opportunity and the honor to serve our country in this important way."

Obama says the financial industry has plenty of lobbyists looking out for them, and the American people need Cordray on the job looking out for them. Cordray has been talked about as a possible candidate for governor in 2014, but has said he can't discuss politics in his current role.

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