U.S. President Barack Obama nominates Richard Cordray to be Director of the Consumer Financial Protection Bureau

President Barack Obama announces the nomination of Richard Cordray to be Director of the new Consumer Financial Protection Bureau and commends Elizabeth Warren for her work in setting up the bureau. Obama recounts the causes of the current recession, describes new laws to prevent financial misconduct and eliminate taxpayer bailout of large financial institutions. Obama also describes Cordray's credentials and praises him.