President Obama today will formally tap Richard Cordray — not Elizabeth Warren — to head up the new Consumer Financial Protection Bureau. Cordray was recently named as the CFPB’s Chief Enforcement Officer.
The nomination sidesteps Elizabeth Warren, the Harvard professor and consumer advocate who initially called for the CFPB and has spent the past year getting the agency up and running. The Washington Post speculated that Warren’s reputation among Republicans in the Senate meant that she would not have successfully been confirmed to lead the new financial regulatory agency.
Warren will return to Harvard in the short term to teach and will continue her work as a consumer advocate. Many pundits are predicting that she will run for U.S. Senate in Massachusetts to challenge Sen. Scott Brown (R) to win back the late Ted Kennedy’s seat.
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