Elizabeth Warren, the favored candidate Progressives have pushed over the last few months to head the Consumer Financial Protection Agency, just confirmed that she would not be the nominee. Reports indicates that President Obama has decided to go with Richard Cordray instead, and will make that announcement as early as Monday.
Mrs. Warren explained to The Huffington Post:
“Rich has always had my strong support because he is tough and he is smart-and that’s exactly the combination this new agency needs. He was one of the first senior leaders I recruited for the agency, and his work and commitment have made it clear that he will make a stellar director.”
One of the most vocal voices for Warren’s nomination voiced their disappointment. The Progressive Change Campaign Committee said;
“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,” PCCC co-founder Stephanie Taylor said in a statement. “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.”
Mrs. Warren was originally chosen by the Obama Administration to set up the mechanism need for the new agency. The Consumer Financial Protection Agency is scheduled to begin its duties on July 21st.
Because of her liberal stance, it is said that Elizabeth Warren would have never gained the Republican votes in congress necessary for confirmation if the President nominated her.
Richard Cordray is the former Attorney General of Ohio.