Richard Cordray is what you might call the Bizzarro Elizabeth Warren. When Warren was robbed of her rightful role as first director of the regulator she more or less single-handedly invented, the Consumer Financial Protection Bureau, the job went to Cordray. As a backup plan, Warren ran for Senate and won, from which perch she continues to make the lives of those who kept her off the CFBP miserable. By contrast, Cordray got the running for Senate out of the way back in 2000, when he failed to even win the Democratic primary. Since leaving the CFPB in 2017, a year later than then-President Donald Trump would have liked but two-and-a-half years before John Roberts formally signed his pink slip, Cordray ran for governor of Ohio, where he was beaten by the man who won that 2000 Senate race—the same man who had also robbed Cordray of reelection as Ohio attorney general 10 years later.
Anyway, given his track record and the way Ohio is tracking politically, successfully seeking elective office seems out for Cordray. Which is all a long of saying he’s available for other work, specifically the work that’s been left undone since Randal Quarles’ term ended, and arguably long before then.
President Biden is considering Richard Cordray, the first director of the Consumer Financial Protection Bureau, to serve as the Federal Reserve’s top banking regulator, according to people familiar with the matter…. The White House said last week it would announce additional Fed appointments beginning in early December.
And, well, wouldn’t you look at who his fairy godmother is one again, looking for something to ease the pain of seeing Jay Powell renominated.
Sen. Elizabeth Warren (D., Mass.) has privately pushed senior White House officials to consider Mr. Cordray for the role, one of the people familiar with the matter said…. Without citing a specific candidate, Ms. Warren said Monday that the Fed job should go to “someone who has the insight to recognize how important regulation is to the effective functioning of the financial markets and has the courage to follow through on that insight.”
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