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Consumer watchdog Richard Cordray known as smart, tough

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By Julie Carr Smyth

COLUMBUS — Former Ohio Attorney General Richard Cordray’s contentious tumble onto the national stage has been anything but typical for the intelligent, mild-mannered public servant who occasionally pads about his office in sock feet.

President Barack Obama named Cordray, 52, as director of the Consumer Financial Protection Bureau in a recess appointment during a visit last week to Cleveland.

Republicans critical of the new agency had managed to block the appointment since July, saying the agency has too much power with too little input from Congress. Despite Cordray’s background of bipartisan appeal, Senate Republicans blocked his confirmation in December.

The bureau was created as part of the 2010 overhaul of the nation’s financial regulations, to defend consumer rights with banks, mortgage companies, the credit-card industry, payday lenders and others.

Perhaps not since Cordray’s days as an undefeated five-time champion on “Jeopardy!” in 1987 has he been at the center of such heated push back. The soft-spoken Cordray tends to keep his head down and his media controversies to a minimum.

“He’s a very serious person,” said David Leland, a former chairman of the Ohio Democratic Party, who’s known Cordray for more than two decades. “But this is a very serious job, and these are serious times.”

His smarts are usually the first thing people notice about Cordray, who earned a law degree from the University of Chicago (where he edited the law review) and a master’s in economics from the University of Oxford. He interned for then-U.S. Sen. John Glenn, the astronaut, native Ohioan and Democrat, as well as clerking for U.S. Supreme Court Associate Justice Anthony Kennedy, a Reagan appointee. That built the beginnings of a resume that would make him acceptable to either party.

Former Ohio Supreme Court Justice Andy Douglas, a Republican, said he’s never known Cordray to allow his actions to be dictated by partisan concerns.

“I haven’t agreed with what they’ve been putting him through,” Douglas said. “If we really profess that we want the brightest and the best in public service, then he is that. And to not jump at the chance to have people like that in public service is a political shortcoming that I see governing us that’s opposed to good sense.”

A quartet of highly respected Ohio business leaders, some routinely generous to Republican campaigns, also backed Democrat Cordray’s selection for the new post in a July letter to the Senate Banking Committee. Limited Brands’ Leslie Wexner, Procter & Gamble’s retired CEO John Pepper Jr., American Election Power’s Michael Morris and Forest City Enterprises’ co-chairman emeritus Albert Ratner called him “the epitome of the judicious and fair-minded public servant. He has impressed us with his intelligence, pragmatism, integrity, and service-oriented mindset.”

Cordray was Ohio’s first solicitor general, and first stepped into politics in earnest with a successful run for the Ohio House in 1990. He lost re-election in a redrawn district after one term in what would begin a string of ups and downs at the ballot box — including a failed bid for Congress in 1992. He ultimately secured stints as county treasurer, state treasurer and attorney general.

Cordray got the job in a special election called to finish the unfulfilled term of fellow Democrat Marc Dann, after a sexual harassment scandal ended in Dann’s resignation.

Cordray had the unblemished personal history, work ethic and intellect that Democrats wanted at the time to repair their reputation with voters — and, indeed, he headed into the 2010 election perhaps their strongest candidate. That made his defeat all the more humbling.

Ahead in polls and fundraising, he was widely favored to win re-election over former Republican U.S. Sen. Mike DeWine but lost by just over a percentage point as GOP candidates swept state office.

He graciously conceded and comforted his team of “Cordrarians,” then hinted to the press that he would consider a run for governor in 2014. When questioned about that by senators in September, Cordray said he had “no plans to run for any political office.”

Also during confirmation hearings, Cordray disputed suggestions the new agency would go unchecked. He said there are “a mosaic of interlocking pieces in the law that create accountability for the bureau.”

He said legislative oversight, internal audits and the rules written to govern the bureau all play a part, adding that “the most important thing in any federal independent agency is to follow the law, follow it carefully, follow it closely.”



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