From ESP Department: Richard Cordray to Head Consumer Financial Protection Bureau, not Warren

Barely 24 hours ago, I wrote about this entity and Rich Cordray’s role in it. Now we read, less than an hour ago, that former Ohio AG Richard Cordray will head it instead of Elizabeth Warren. From Politico:

President Obama has selected former Ohio Attorney General Richard Cordray to lead the embattled Consumer Financial Protection Bureau.

Obama will make the announcement Monday from the White House. The report first appeared Sunday in the Columbus (Ohio) Dispatch.

Of course the party who could not possibly care less and has foolhardy confidence in the moral fiber of individuals who run business despite the myriad examples of why that’s really not such a good blanket idea, says bah-humbug:

Republicans responded to the announcement about Cordray with a reminder that they intend to oppose “any nominee, regardless of party affiliation” unless the White House made a slew of changes to the agency.

Those changes? They have to do with weakening the agency, of course.

Then again, as Politico says, the progressive end of the left-side of the political ideological spectrum acted in a “subdued” manner:

“With her track record of standing up to Wall Street and fighting for consumers, Elizabeth Warren was the best qualified to lead this bureau that she conceived — and we imagine Richard Cordray would agree,” said Stephanie Taylor, co-founder of the Progressive Change Campaign Committee, which collected more than 350,000 petition signatures supporting Warren. “That said, Rich Cordray has been a strong ally of Elizabeth Warren’s and we hope he will continue her legacy of holding Wall Street accountable.”

I’m not sure that Warren should have been pulled as the nominee, but I can’t say I’m disappointed that it’s Cordray.  Fingers crossed.

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