The President passed over Elizabeth Warren to run the Consumer Financial Protection Bureau (CFPB), but has chosen one of her top aides: Richard Cordray. The “official” announcement will be made tomorrow, but the White House sent out this statement today:
President Obama said, “American families and consumers bore the brunt of the financial crisis and are still struggling in its aftermath to find jobs, stay in their homes, and make ends meet. That is why I fought so hard to pass reforms to fix the financial system and put in place the strongest consumer protections in our nation’s history. Richard Cordray has spent his career advocating for middle class families, from his tenure as Ohio’s Attorney General, to his most recent role as heading up the enforcement division at the CFPB and looking out for ordinary people in our financial system.”
President Obama continued, “I also want to thank Elizabeth Warren not only for her extraordinary work standing up the new agency over the past year, but also for her many years of impassioned leadership, and her fierce defense of a simple idea: ordinary people deserve to be treated fairly and honestly in their financial dealings. This agency was Elizabeth’s idea, and through sheer force of will, intelligence, and a bottomless well of energy, she has made, and will continue to make, a profound and positive difference for our country.”
Hopefully, Warren will continue to serve the country. We need her. United States Senator Elizabeth Warren has a nice ring. And, let’s see how Cordray’s nomination plays out in the Senate — and whether the White House will fight for him.
PCCC’s Stephanie Taylor summed up what a lot of people are probably thinking:
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. 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.