Richard Cordray, director of the Consumer Financial Protection bureau, believes the new organization can "make the markets work better."
"We can drive out the fraudulent practices, we can make prices and risks clearer for consumers and the other thing is, we can focus a little more on financial literacy and helping people understand the things they need to do to be responsible citizens so they can do a better job," Cordray said.
When pressed on charges from Republicans that his appointment is a 'power grab,' Cordray said his bureau will be judged based on results.
"If we can get these markets to work better," he said, "we can get things simpler and clearer for consumers to make more informed choices it’s a good thing. Everybody recognizes that."
Watch David's entire conversation with Director Cordray above to hear more about the new Consumer Financial Protection Bureau and the story of his experience as a contestant on Jeopardy.
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It is a shame that Cordray could not respond, intelligently, to Gregory's request for specific actions he would undertake to benefit the public. "Make markets better" is not a specific action. That's the problem with the current administration, they are doing all these things to "help" us but nothing to give everyone a job.