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President Obama will nominate a former Ohio attorney general to head the new Consumer Financial Protection Bureau.
White House and administration sources say Obama plans to announce Monday the nomination of Richard Cordray, the consumer bureau's current chief of enforcement. Cordray, a Democrat from Ohio, was the state's attorney general until losing his re-election bid last fall. He had been involved in the 50-state investigation into the so-called robo-signing foreclosure scandal.
In a statement, Obama said Cordray had spent his career advocating for middle class families. But in making this nomination, the president passed over Elizabeth Warren, the longtime favorite for the job. Warren is credited with thinking up the idea of an agency with the mission of looking out for the financial best interests of consumers.
Republicans in the Senate have said they will block the confirmation of any nominee until the consumer bureau is restructured. Sen. Mitch McConnell (R-KY) said through a spokesman Sunday that Republican concerns about the agency haven't yet been addressed.
The bureau, a central feature of a law that overhauled banking regulations, is set to open its doors on Thursday.
NPR's Tamara Keith and Allison Keyes contributed to this story, which contains material from The Associated Press.