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Restoring American Financial Stability Act

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President Obama announces in the State Dining Room of the White House in Washington on Thursday, Jan. 24, 2013, that he will nominate Mary Joe White (right) to lead the Securities and Exchange Commission (SEC) and will renominate Richard Cordray (left) to head the Consumer Financial Protection Bureau, a position he has held for the past year under a recess appointment. (AP Photo/Carolyn Kaster)

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President Obama pauses in the State Dining Room of the White House on Jan. 24, 2013, as he announces that he will nominate Mary Joe White to lead the Security and Exchange Commission and re-nominate Richard Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment. (Associated Press)

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Richard Cordray stands left as President Obama announces in the State Dining Room of the White House on Jan. 24, 2013, that he will re-nominate Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment, and nominate Mary Joe White to lead the Security and Exchange Commission (SEC). (Associated Press

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**FILE** Richard Cordray stands left as President Obama announces in the State Dining Room of the White House on Jan. 24, 2013, that he will re-nominate Cordray to lead the Consumer Financial Protection Bureau, a role that he has held for the last year under a recess appointment, and nominate Mary Joe White to lead the Security and Exchange Commission (SEC). (Associated Press

obama-sec_lea_mugshot_four_by_three.jpg

obama-sec_lea_mugshot_four_by_three.jpg

President Obama announces in the State Dining Room of the White House in Washington on Thursday, Jan. 24, 2013, that he will nominate Mary Joe White (right) to lead the Securities and Exchange Commission (SEC) and will renominate Richard Cordray (left) to head the Consumer Financial Protection Bureau, a position he has held for the past year under a recess appointment. (AP Photo/Carolyn Kaster)

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Obama SEC_Lea.jpg

President Obama announces in the State Dining Room of the White House in Washington on Thursday, Jan. 24, 2013, that he will nominate Mary Joe White (right) to lead the Securities and Exchange Commission (SEC) and will renominate Richard Cordray (left) to head the Consumer Financial Protection Bureau, a position he has held for the past year under a recess appointment. (AP Photo/Carolyn Kaster)

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Consumer Financial Protection Bureau Director Richard Cordray said an effort was made to hit a balance between the abuses that once made mortgages too easy to get and overly strict standards that hampered borrowers with good credit. (Associated Press)

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Consumer Financial Protection Bureau Director Richard Cordray said an effort was made to hit a balance between the abuses that once made mortgages too easy to get and overly strict standards that hampered borrowers with good credit. (Associated Press)

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Richard Cordray, director of the Consumer Financial Protection Bureau, announced "the true essence of responsible lending." (Associated Press)

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Richard Cordray, director of the Consumer Financial Protection Bureau, announced "the true essence of responsible lending." (Associated Press)

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Richard Cordray, director of the Consumer Financial Protection Bureau, announced "the true essence of responsible lending." (Associated Press)

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**FILE** Richard Cordray, director of the Consumer Financial Protection Bureau. (Associated Press)

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**FILE** Richard Cordray, director of the Consumer Financial Protection Bureau. (Associated Press)

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**FILE** Richard Cordray, director of the Consumer Financial Protection Bureau. (Associated Press)

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Richard Cordray, director of the Consumer Financial Protection Bureau (left), shakes hands with Sen. Tim Johnson, South Dakota Democrat and chairman of the Committee on Banking, Housing, and Urban Affairs, after a hearing on Capitol Hill on Tuesday. The committee held the hearing to review the first semiannual report of the Consumer Financial Protection Bureau. (Andrew Harnik/The Washington Times)

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"Look, in my lifetime the single thing that hurt people most was the financial crisis," Consumer Financial Protection Bureau Director Richard Cordray tells the House Committee on Oversight and Government Reform. "I think we can help head that off in the future." (Andrew Harnik/The Washington Times)

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President Obama made a recess appointment to enable Richard Cordray (behind him) to begin serving as director of the Consumer Financial Protection Bureau. Mr. Obama made three other recess appointments. (Associated Press)

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President Obama visits the new Consumer Financial Protection Bureau director Richard Cordray (right) on Jan. 6, 2012, at the CFPB's offices in Washington. (Associated Press)

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** FILE ** President Obama introduces former Ohio Attorney General Richard Cordray as his nominee as the first director of the Consumer Financial Protection Bureau on July 18, 2011 at the White House. (Associated Press)

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** FILE ** Richard Cordray, assistant director of enforcement for the Consumer Financial Protection Bureau (CFPB), listens as Treasury Secretary Timothy F. Geithner (not pictured) speaks to the media on Thursday, Dec. 1, 2011, in Washington, to encourage Congress to approve Mr. Cordray's nomination to head the CFPB. (AP Photo/Jacquelyn Martin)