This article is the 61st in a continuing series chronicling the unfolding history of the Obama Administration. The writer's opinions are not offered, leaving the readers to arrive at their own conclusions.
" So I am proud to nominate Richard Cordray to this post. And we've been recently reminded why this job is going to be so important. There is an army of lobbyists and lawyers right now working to water down the protections and the reforms that we passed. They've already spent tens of millions of dollars this year to try to weaken the laws that are designed to protect consumers. And they've got allies in Congress who are trying to undo the progress that we've made. We're not going to let that happen ."__Barack Obama, President of the United States of America, announcing his nomination of Richard Cordray to become Director of the newly created Consumer Financial Protection Bureau, July 18, 2011
Day909/July18th/Monday: The President met with members of the Giving Pledge, including co-founders Warren Buffett, Bill and Melinda Gates and others who had taken the Giving Pledge. The President received an update on the Giving Pledge, under which wealthiest individuals and families pledged to give the majority of their wealth to philanthropy. Source
The President hosted an education roundtable with business leaders, United States Secretary of Education Arne Duncan , White House Domestic Policy Council Director Melody Barnes, a nd Alma Powell, Co-Chairperson of America's Promise and Founding Chair General Colin Powell to discuss what the business community could do to ensure a skilled, educated and competitive workforce in the United States. Discussed:
Bank of America would announce a $50 million pledge to education over 3 years, launching the goal through $4.5 million in grants. The investment would support programs that bridged the achievement gap to post-secondary education completion and connect the underserved and unemployed, as well as returning veterans and individuals with disabilities to workforce success in high-growth sectors, in particular through community colleges.
Microsoft commited to train over 150 thousand educators and leaders and provide access to professional learning communities and training to every teacher in the United States through the Partners in Learning Network.
The Nike School Innovation Fund announced a new commitment as a primary partner of Oregon Governor John Kitzhaber and his initiative to help make the state's entire education system more nimble, innovative and supportive of the key grades of 9 to 12. Nike's commitment to strengthening education in Oregon was therefor elevated to $10 million. Source
The President and senior Administration officials met with heads of financial regulatory agencies in the Roosevelt Room of the White House to receive an update on implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Readout
The President sent these nominations to the United States Senate:
Richard Cordray , of Ohio, to be Director, Bureau of Consumer Financial Protection for a term of five years. (New Position)
Chester John Culver , of Iowa, to be a Member of the Board of Directors of the Federal Agricultural Mortgage Corporation bio