U.S. President Barack Obama announces that he will appoint Richard Cordray as Director of the Consumer Financial Protection Bureau

President Barack H. Obama, making his first major speech of 2012, announces that he will appoint former Ohio Attorney General Richard Cordray as Director of the new Consumer Financial Protection Bureau (CFPB). Obama also rejects the idea that the financial crisis was caused by excessive regulation and accuses Republicans of playing politics with the normal appointment process. The President makes his remarks at Shaker Heights High School in Shaker Heights, OH.