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Warren Out, Cordray In at Consumer Protection Bureau

Warren Out, Cordray In at Consumer Protection Bureau

Despite intense pressure for a recess appointment, President Obama announced that former Ohio Attorney General Richard Cordray and not Elizabeth Warren will be his pick to head up the fledgling Consumer Finance Protection Bureau.

Cordray was an aggressive advocate for Ohio homeowners and was at the forefront of states’ efforts to investigate and punish mortgage and foreclosure fraud.† Cordray already works as the agency’s head of enforcement and comes with a strong background in fighting for the middle-class.

The move leaves progressives in a bind.† Warren conceived of the agency and has arguably been the strongest advocate for the American middle class within the administration, so much so that it is rumored to have strained relations with some of the President’s top advisors.

On the other hand, the move frees Warren up for a possible Senate run, challenging Republican Scott Brown of Massachusetts.

Republicans have made it clear that no nominee is acceptable.† In May forty-four Republican Senators sent the President a letter and made it clear they planned to block any appointment and object to the very premise of the agency.† So while the Cordray nomination may reflect a political reality, there’s hardly a chance his nomination will make it through.

Warren would have been a fantastic lead for the CFPB, but Cordray is a nomination progressives can live with.† Unfortunately for the American people the Republicans have made it clear they plan to undermine the agency at every stop.† They oppose, on principle, the idea that anyone would have the power to hold Wall Street accountable for predatory practices so whoever ends up leading the agency will have a tough road ahead.† Unfortunately its the American public that will bear the true cost of that struggle.

Related Stories:

Elizabeth Warren: The Latest Victim In GOP War On Women?

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Senate Refuses To Adjourn So President Canít Make Appointments

 

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Photo from davidshankbone2010 via flickr.

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62 comments

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2:27AM PST on Dec 21, 2011

Thanks.

7:43AM PDT on Jul 21, 2011

Elizabeth Warren is too honest for the republicans.

2:40PM PDT on Jul 19, 2011

Ms Warren, I have watched your work from afar for many years, I for one am quite proud of the person known as Elizabeth Warren.
I guess they felt that they could not afford to have someone of your stature in charge, someone that would have been truly effectual, as you have been in your past endeavors.
I would like to thank you, for all your service these many years.

10:31AM PDT on Jul 19, 2011

It must be abundantly clear by now. Unless you get rid of the obstructionist Repucknicans, the country will continue to degrade until there is nothing left but tumbleweeds.

11:12PM PDT on Jul 18, 2011

Sorry Ms. Warren but if Obama will not fight for SS and Medacare why would he fight for you?

9:13PM PDT on Jul 18, 2011

The only reason Obama didn't place Liz in this position is because he knew she'd be blocked by the republicans. They treated her so maliciously because she's honest and cares about this country. I thought the ugliness was over when Bush, Cheney, Rumfeld Ashcroft and Yu left. The new crew of "sour grape" republicans is shameful. I hope she does run for the Senate in Mass. You Go Girl!

4:39PM PDT on Jul 18, 2011

Apparently the republicans will block everything and anything to keep the country in a stall until there's an election. then they can criticize the administration for the stall and try to win! I'm so sick of politics. When will the politicians start thinking about people and policy, instead of their re-election. Yuck

4:04PM PDT on Jul 18, 2011

What a farce our "government" is. And most people still believe we're a democracy. Sigh.

3:34PM PDT on Jul 18, 2011

I think Elizabeth Warren would be an excellent President after President Obama's second term.

3:03PM PDT on Jul 18, 2011

Until the Republicans are out of office, there will be no progress on any thing. RECALL ALL REPUBLICANS.

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