White House Considering Richard Cordray as Top Fed Banking Regulator

[question everything]

Source: WSJ

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. If nominated and confirmed by the Senate, Mr. Cordray would become the government’s most influential overseer of the American banking system, succeeding Randal Quarles as the Fed’s vice chairman of banking supervision.

(snip)

At the CFPB, Mr. Cordray brought significant changes to consumer finance, a corner of the financial industry that had previously escaped regulatory scrutiny. The agency tightened underwriting standards for mortgages, required more disclosure on credit-card rates and fees, and introduced federal government oversight to payday lending.

(snip)

Mr. Cordray won Senate confirmation on a 66-34 vote in 2013 for a five-year term as the CFPB’s head, following a lengthy delay. He received backing from 12 Republicans, including four who remain in the Senate. Prior to the vote, he had been serving as CFPB director for over a year through a recess appointment. Mr. Cordray could face a closer confirmation vote if he is nominated for the Fed job. “I like Richard. I respect Richard. Richard is to the left of Lenin,” said Sen. John Kennedy (R., La.), a member of the Senate Banking Committee. “Richard believes that only government can make America great. He and I disagree.”


Read more: https://www.wsj.com/articles/white-house-considering-richard-cordray-as-top-fed-banking-regulator-11638285603

---

(subscription)

[BumRushDaShow]

1. Other reports are saying he is being considered for "Vice Chair"

Elizabeth Warren ally Richard Cordray under discussion for Fed bank supervisor role, key senator says

Published Tue, Nov 30 20211:45 PM EST
Thomas Franck
@tomwfranck


The Democratic chairman of the Senate Banking Committee said Tuesday that he is talking with the White House about nominating Richard Cordray, who was the first director of the Consumer Financial Protection Bureau, to be the Federal Reserve’s top banking regulator.

Sen. Sherrod Brown, D-Ohio, told CNBC that he’s spoken to the Biden administration about Cordray and others who could serve as the Fed’s vice chair for supervision and fill other vacancies on the central bank’s Board of Governors. “I know Rich Cordray well. I like him,” Brown said. “I’m talking to the White House about him and a number of other people.”

Brown may prove a close ally to fellow Democrat Cordray in the weeks ahead given their shared affinity for tougher bank regulation and Ohio roots. Born in Columbus, Ohio, Cordray served as the state’s attorney general from 2009 to 2011 and lost the gubernatorial election race to Republican Mike DeWine in 2018.

He’s also a likely favorite of progressive Democrat Sen. Elizabeth Warren, who worked closely with Cordray when the two helped lead the Consumer Financial Protection Bureau. During the Obama administration, then-White House advisor Warren named Cordray as her choice to lead the CFPB’s enforcement arm until the president later promoted him to lead the entire organization. Cordray left the CFPB in 2017 after five years as the Trump administration looked for ways to erode the bureau’s influence.

(snip)

https://www.cnbc.com/2021/11/30/elizabeth-warren-ally-richard-cordray-under-discussion-for-fed-bank-supervisor.html

[OilemFirchen]

8. That's what the OP says, as well.

... Mr. Cordray would become the government’s most influential overseer of the American banking system, succeeding Randal Quarles as the Fed’s vice chairman of banking supervision.

[BumRushDaShow]

9. Yeah but almost all of the *headlines* from various sources

would be confusing for those not knowing how the Fed is set up because we obviously heard about Biden earlier re-nominating Powell as "Chair" of the Fed, which to me = "Top Fed Banking Regulator".

So for the case of the WSJ headline, it might have been better to have -

White House Considering Richard Cordray as a Top Fed Banking Regulator

[True Blue American]

2. Great News!

Richard would have been a wonderful Governor. I could never understand how Grandpa Mike beat him after Sherrod beat him out as Senator!

[PSPS]

3. "If nominated and confirmed by the Senate" I doubt this senate will go along, minority rule and all

[True Blue American]

4. Only requires 51

And everyone knows how Richard ran Elizabeth’s agency when Republicans refused to let her run her own agency. Big mistakes, she ran, beat Brown like a drum.

[PSPS]

6. I think these can be filibustered so would need 60 votes.

[BumRushDaShow]

10. All of the nominations have had the cloture (filibuster) Rule rescinded under Harry Reid

with the only one that remained - for the SCOTUS nomniees - having been torpedoed once the GOP took over the Senate and had control of the WH

[PSPS]

11. Thanks for that information!

[BumRushDaShow]

12. You are welcome

Turtle was blocking almost every single nominee that Obama submitted after his 2012 re-election, and at some point, Harry Reid had had enough, and they invoked the "nuclear option", which changed the Rule to allow for a simple majority to do any nomination EXCEPT the SCOTUS (this was back in 2013). Reid was able to get small groups of judges through the confirmation process for the remainder of Obama's term (resulting in a total of over 300+ including 2 SCOTUS appointees, through 2 terms).

However, the Democrats lost the Senate in 2014 and that is when all hell broke loose once TFG got elected in 2016 and could now pack the courts (when they got rid of the 60 votes to cloture the SCOTUS appointees).

[Maeve]

5. Cordray is a good man and Kennedy can suck lemons

preferably ones that have rotted....

Admitted, I have a fondness for a hometown boy who has made good (even if he did go to Michigan State)

[JohnnyRingo]

7. From Ohio!

Good man. He should be our governor.