President Joe Biden is reportedly thinking about nominating Richard Cordray to be the Federal Reserve’s top banking regulator.
Cordray, the former attorney general of Ohio, is a key ally of liberal Sen. Elizabeth Warren of Massachusetts, who appointed him to lead the enforcement division of the newly formed Consumer Financial Protection Bureau in 2010. He was later nominated by President Barack Obama to lead the bureau.
He is now being considered by Biden to fill the seat of the Fed’s vice chairman of banking supervision, the Wall Street Journal reported Tuesday. The seat has been vacant since the October departure of Randal Quarles.
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News that Cordray might be nominated will likely appease lawmakers on the Left, given that Biden decided to renominate Fed Chairman Jerome Powell, a Republican who has gained favor among some centrist Democrats but has faced backlash from liberals in Congress for how he has handled banking regulation. Warren opposed Powell’s nomination, calling him a “dangerous man.”
Sen. Sherrod Brown, chairman of the Senate Banking Committee, said he has been in talks with the Biden administration about Cordray.
"I know Rich Cordray well. I like him," Brown told CNBC on Tuesday. "I’m talking to the White House about him and a number of other people."
Republicans are already striking out against a potential Cordray nomination. Sen. Ben Sasse called for his colleagues to oppose Cordray.
"Richard Cordray is a wannabe king who disdains accountability and thinks every single problem on earth should be tackled with a one-size-fits-all, big-government approach from a bureaucracy that regular Americans cannot control," the Nebraska Republican said in a statement. "The Senate should block King Richard Cordray."
The nomination of another Biden nominee, Cornell Law professor Saule Omarova, who was picked to be comptroller of the currency, appears to be imperiled after several Democrats have reportedly expressed their opposition. She faced a bruising nomination hearing in which Republicans highlighted her academic musings, which they pegged as radical.
After Biden announced Powell’s renomination, the White House said that other central bank nominations would be announced in early December and said the president is “committed to improving the diversity in the Board’s composition.”
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A White House spokesperson declined to comment on the Cordray reports when contacted by the Washington Examiner on Tuesday.