President Obama broke some news this weekend, while he and the fam were watching ladies' soccer games. He chose to nominate Richard Cordray, a former Ohio attorney general, to be the first director of the Consumer Financial Protection Bureau that was created in last year's Dodd-Frank financial reform bill. But the interesting thing about this Cordray fellow is that his name isn't "Elizabeth Warren." What gives?

The new financial reform bill will create a consumer protection agency, the brainchild of professor and TARP overseer Elizabeth Warren, Washington's toughest regulatory voice. She should obviously be its first director! But what if she's "too tough" on banks?