WASHINGTON — President Barack Obama will announce plans Monday to nominate Richard Cordray to be director of the new Consumer Financial Protection Bureau.

He will make the announcement at an event at the White House, according to a news release.

Cordray most recently served as head of the fledgling bureau’s enforcement division and is a former attorney general of Ohio.

Last year, Obama fought to pass and signed into law the sweeping Wall Street Reform and Consumer Protection Act, which created the bureau.

Set to open in four days, the bureau is an independent agency charged with acting as a watchdog for American consumers and ensuring that they have the information necessary to make sound financial choices and avoid abuse.

“Richard Cordray has spent his career advocating for middle class families,” Obama said in the news release.

He also thanked Harvard law professor Elizabeth Warren for setting up the bureau.

“This agency was Elizabeth’s idea,” Obama said. “Through sheer force of will, intelligence, and a bottomless well of energy, she has made, and will continue to make, a profound and positive difference for our country.”