President to name consumer protection bureau head

WASHINGTON — President Barack Obama will introduce his choice to head the new Consumer Financial Protection Bureau on Monday in the White House Rose Garden.

The president intends to nominate former Ohio Attorney General Richard Cordray.

In choosing Cordray, Obama bypasses Elizabeth Warren, a favorite of consumer groups, who has been assembling the agency. Warren faced stiff Republican opposition in the Senate.

Later Monday, Obama will meet with the heads of financial regulatory agencies. He also has an education round table scheduled with business leaders, Education Secretary Arne Duncan and others.

In the morning, Obama plans to meet with members of the Giving Pledge, which invites wealthy individuals and families to give the majority of their wealth to philanthropy. Among those attending are co-founders Warren Buffett and Bill and Melinda Gates.