Elizabeth Warren Out, Another Bank Critic to Lead Consumer Agency
Fearing a tough confirmation fight, the Obama administration has decided that Elizabeth Warren will not head the new Consumer Financial Protection Bureau. Instead, the White House will nominate Richard Cordray, who was already selected to be the agency's top enforcer and who, in his previous gig as Ohio's attorney general, had put himself on the map by suing big banks. (more)
Fearing a tough confirmation fight, the Obama administration has decided that Elizabeth Warren will not head the new Consumer Financial Protection Bureau. Instead, the White House will nominate Richard Cordray, who was already selected to be the agency’s top enforcer and who, in his previous gig as Ohio’s attorney general, had put himself on the map by suing big banks.
Warren, the Harvard law professor who has been setting up the agency, was the choice of progressives because of her willingness to confront powerful financial institutions. She is rumored to be considering a 2012 Senate campaign against Scott Brown, the Republican who currently occupies Ted Kennedy’s seat in that chamber.
Because the CFPB is a new institution, its first leader will play a crucial role in establishing its reach and power. The organization was created by the Dodd-Frank financial reform law, and may be our best hope for functional regulation to emerge from that watered-down bill. Rep. Barney Frank, D-Mass., one of the two key sponsors of the legislation, called Cordray the second best choice behind Warren to lead the consumer protection agency. — PZS
Your support matters…Boston Herald:
The White House appointment of former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau won praise from U.S. Rep. Barney Frank, but the Newton Democrat still prefers Elizabeth Warren.
“It’s the second best appointment the president could have made,” Frank told the Herald yesterday. “But Cordray has a very good record protecting consumers.”
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Economic Justice
Elizabeth Warren (D-Massachusetts) and J.D. Vance (R-Ohio) have joined forces in a rare bipartisan effort to make top executives pay for their mistakes.
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
Because our banks aren't nationalized, its inability to work with Congress has resulted in another botched attempt at crisis management.
Its forced choice to bankroll hedge funds and other speculative ventures in repo market comes at a price to the middle class.
The Massachusetts senator and Democratic presidential contender wants to make it harder for big banks to prey on consumers.
The threat of a U.S. technology company taking up the model set by China's WeChat Pay and Alipay may now be materializing.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.