{"id":1069015,"date":"2021-11-30T15:13:37","date_gmt":"2021-11-30T20:13:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1069015"},"modified":"2021-11-30T15:13:41","modified_gmt":"2021-11-30T20:13:41","slug":"report-joe-biden-weighs-appointing-richard-cordray-as-head-fed-banking-regulator","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-joe-biden-weighs-appointing-richard-cordray-as-head-fed-banking-regulator\/","title":{"rendered":"Report: Joe Biden Weighs Appointing\u00a0Richard Cordray as Head Fed Banking Regulator"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freport-joe-biden-weighs-appointing-richard-cordray-as-head-fed-banking-regulator%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1069015&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"subheading\">President Joe Biden is reportedly weighing the appointment of Richard Cordray as the Federal Reserve\u2019s head banking regulator, the <em>Wall Street Journal<\/em> revealed Tuesday.<\/p>\n<p>If&nbsp;Cordray <a href=\"https:\/\/www.wsj.com\/articles\/white-house-considering-richard-cordray-as-top-fed-banking-regulator-11638285603?mod=Searchresults_pos1&amp;page=1\">accepts<\/a> the nomination and is confirmed by the Senate, Cordray would be a powerful overseer of big banks and financial institutions.&nbsp;Cordray would replace at the end of this year Randal Quarles, the vice chair of the Federal Reserve for supervision since 2017.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>Cordray was the Director of the Consumer Financial Protection Bureau (CFPB) between 2012 and 2017, the first director of the agency created after the 2008 great recession. In 2013,&nbsp;Cordray was confirmed as the director of the CFPB by 12 Republican senators by a vote of 66-34<\/p>\n<p>During Cordray\u2019s tenure, the CFPB tightened consumer finance by clamping down on mortgage lenders\u2019 underwriting standards, along with instituting transparency among credit card companies and hard lenders.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\" readability=\"10.156996587031\">\n<p lang=\"en\" dir=\"ltr\">NEW: <a href=\"https:\/\/twitter.com\/SenSherrodBrown?ref_src=twsrc%5Etfw\">@SenSherrodBrown<\/a> confirms that he is talking with WH about <a href=\"https:\/\/twitter.com\/RichCordray?ref_src=twsrc%5Etfw\">@RichCordray<\/a> for Fed vice chair of supervision. <\/p>\n<p>But he says \u201cthere are a number of people\u201d in the mix for the Fed\u2019s three open seats. Hints at two-week timeframe for nominations.<\/p>\n<p>\u2014 Ylan Q. Mui (@ylanmui) <a href=\"https:\/\/twitter.com\/ylanmui\/status\/1465741721577431042?ref_src=twsrc%5Etfw\">November 30, 2021<\/a><\/p>\n<\/blockquote>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Cordray\u2019s directorship ended at the CFPB in 2017. He then ran for governor of Ohio and lost to Gov. Mike DeWine (R). Before his CFPB appointment, he ran for the House in 1992 and the Senate in 2020 and lost both times. After defeat, Cordray served as Ohio\u2019s treasurer and solicitor general.<\/p>\n<p>Biden\u2019s nomination of&nbsp;Cordray would likely please Sen. Elizabeth Warren (D-MA), who sits on the Senate Committee on Banking, Housing, and Urban Affairs.&nbsp;Warren told the <em>WSJ<\/em> the position should belong to someone who \u201chas the insight to recognize how important regulation is to the effective functioning of the financial markets and has the courage to follow through on that insight.\u201d<\/p>\n<div id=\"attachment_18267594\" class=\"wp-caption aligncenter\" readability=\"37\"><a href=\"https:\/\/media.breitbart.com\/media\/2021\/10\/GettyImages-1235554350.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18267594 size-large\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/GettyImages-1235554350-1024x683-1.jpg\" alt width=\"1024\" height=\"683\" \/><\/a><\/p>\n<p class=\"wp-caption-text\"><em>Sen. Elizabeth Warren (D-MA) speaks during a Senate Armed Services Committee hearing on the conclusion of military operations in Afghanistan and plans for future counterterrorism operations at the Dirksen Senate Office building on Capitol Hill on September 28, 2021 in Washington, DC. (Photo by Stefani Reynolds-Pool\/Getty Images)<\/em><\/p>\n<\/div>\n<p>Warren is known as a big bank critic and an advocate for increasing oversight on multinational corporations that pay a small effective tax U.S. rate while middle class Americans pay a larger percentage.<\/p>\n<p>Warren, however, supports Biden\u2019s nominee for the Treasury Department\u2019s Office of the Comptroller of the Currency, Saule Omarova, who proved too far left to be confirmed and is <a href=\"https:\/\/www.breitbart.com\/economy\/2021\/11\/25\/omarova-nomination-opposed-by-5-dems\/\">opposed<\/a> by five Senate Democrats and all Republicans, dooming her nomination in an evenly divided Senate.<\/p>\n<p>Biden has had trouble filling several top financial posts. The Federal Housing Finance Agency is currently run by an Acting Director while other nominations remain pending.<\/p>\n<p><em>Follow Wendell Huseb\u00f8 on Twitter&nbsp;<\/em><a href=\"https:\/\/twitter.com\/WendellHusebo?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\"><em>@WendellHuseb\u00f8<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden is reportedly weighing the appointment of Richard Cordray as the Federal Reserve\u2019s head banking regulator, the Wall Street Journal revealed Tuesday. If\u00a0Cordray accepts the nomination and is &#8230;<\/p>\n","protected":false},"author":21,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1069015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1069015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1069015"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1069015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1069015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1069015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1069015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}