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WASHINGTON, DC-On July 21, the Consumer Financial Protection Bureau will formally open its doors. It will be, as its creator, Harvard professor Elizabeth Warren recently said in a prepared statement, “a cop on the beat–examining banks and protecting consumers.” Now the Obama administration has announced the top cop, so to speak, at the agency: former Ohio attorney general Richard Cordray. It is a telling political choice for the administration, which apparently did not have the stomach to see through a Senate confirmation for Warren. But it is a savvy choice as well, as Cordray is likely to prove to be just as much of a foil to the financial industry as it was feared Warren would be.

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