After many months of speculation over who President Barack Obama might choose to run the Consumer Financial Protection Bureau (CFPB) that Elizabeth Warren set up, the wait is over—at least for the moment. On Sunday, Obama chose former Ohio Attorney General Richard Cordray to take the top spot.
Reuters reported that, while progressives were disappointed that Warren did not get the job, Cordray faces a rocky road to confirmation as well. Known for his get-tough position on banks regarding questionable mortgage practices, he was described by one bank lobbyist as “all the hard edge and ambition of Warren without the charm.”
Matt McCormick, portfolio manager at Bahl & Gaynor Investment Counsel Inc. in Cincinnati, Ohio, said in the report that Obama was “bowing to the inevitable” in choosing Cordray over Warren. “He’s from the same mold as Elizabeth Warren but he is easier to get approved,” McCormick was quoted saying. Whoever heads the CFPB will have to be approved by the Senate.