The White House is pressing hard these day for Republicans on Capitol Hill to confirm the presidents nominee as chief of the Consumer Financial Protection Bureau.
The bureau, a production of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is a watchdog agency whose charge is to protect ordinary Americans from abuses by the finance industry. We’ve heard a lot about those recently.
Cordray is a former Ohio Attorney General with a strong record of consumer protect in the Buckeye state.
The Republicans say they won’t confirm Cordray until the law (which isn’t strong enough) is significantly weakened some more, so we can have another Wall Street crash or something.
But I think there may be another more subtle reason: The GOP dislikes Cordray intensely because as Ohio Attorney General he went after the con man Bobby Thompson and the fraudulent U.S. Navy Veterans Association Thompson created.
Thompson, whose whereabouts are unknown, stole as much as $100 million via that scam outfit, and for years he was a reliable money machine for conservative candidates.
One of those was Virginia Attorney General Ken Cuccinelli, to whom Thompson gave $55,500 after Cuccinelli personally pleaded for campaign cash. (Cuccinelli, who ended up giving that tainted money away, still hasn’t been able to find a crime to charge Thompson with).
Cordray remains the only only elected official in the land who had the cojones to indict Thompson and convict one of his cohorts.
For pictures of more of Thompson’s pals, click on the jump, and you’ll see what kind of weight he pulls in Washington.
Cordray’s the guy who went after their man.