WATCH LIVE: President Obama announces nominations for SEC, consumer bureau

The president is set to speak live during a White House event in the State Dining Room at 2:30 pm.

White would replace former SEC Chairwoman Mary Schapiro, who announced last month that she would step down. Cordray, who was originally appointed through executive action, is expected to face a tougher nomination battle to stay on as the head of the CFPB, which was formed in the aftermath of the 2008 financial crisis.

White House Press Secretary Jay Carney argued that Cordray had bipartisan support, but was previously blocked for "political considerations," becasue some lawmakers opposed the consumer bureau.

"Hopefully, the fact that Richard Cordray has substantial bipartisan support out in the country and at the time — and we can provide that to you — was praised by Republicans and Democrats — former Attorneys General, as he was — hopefully it will convince the Senate to move forward and allow the up-or-down vote that he deserves," said Carney during an off-camera press briefing Thursday.

Read more on The Hill's On The Monday Blog.