Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

Elizabeth Warren ally Cordray under discussion for Fed bank supervisor role, key senator says

by
November 30, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Here are Friday’s biggest analyst calls of the day: Apple, FedEx, Coinbase, Honeywell, Micron & more

Chinese automaker Nio reports record EV sales in June — but both XPeng and Li Auto did even better

The Democratic chairman of the Senate Banking Committee said Tuesday that he is talking with the White House about nominating Richard Cordray, who was the first director of the Consumer Financial Protection Bureau, to be the Federal Reserve’s top banking regulator.

Sen. Sherrod Brown, D-Ohio, told CNBC that he’s spoken to the Biden administration about Cordray and others who could serve as the Fed’s vice chair for supervision and fill other vacancies on the central bank’s Board of Governors.

“I know Rich Cordray well. I like him,” Brown said. “I’m talking to the White House about him and a number of other people.”

Brown may prove a close ally to fellow Democrat Cordray in the weeks ahead given their shared affinity for tougher bank regulation and Ohio roots. Born in Columbus, Ohio, Cordray served as the state’s attorney general from 2009 to 2011 and lost the gubernatorial election race to Republican Mike DeWine in 2018.

He’s also a likely favorite of progressive Democrat Sen. Elizabeth Warren, who worked closely with Cordray when the two helped lead the Consumer Financial Protection Bureau.

Richard Cordray, Democratic nominee for governor of Ohio,

Allison Farrand | Bloomberg | Getty Images

During the Obama administration, then-White House advisor Warren named Cordray as her choice to lead the CFPB’s enforcement arm until the president later promoted him to lead the entire organization. Cordray left the CFPB in 2017 after five years as the Trump administration looked for ways to erode the bureau’s influence.

He now works as a top official at the Education Department, where he manages the $1.6 trillion student-loan program. Cordray declined to comment for this story.

Asked to comment, the White House referred CNBC to a statement it released earlier in November. Last week, the administration announced that it would nominate Fed Chairman Jerome Powell for a second term and Fed Governor Lael Brainard to be the central bank’s vice chair, a role distinct from the vice chair for supervision.

“President Biden still has three vacant seats on the Federal Reserve Board of Governors to fill, including the important position of Vice Chair for Supervision,” the administration said on Nov. 22. “The President intends to make those appointments beginning in early December, and is committed to improving the diversity in the Board’s composition.”

The Fed’s vice chair for supervision, a role created in the aftermath of the 2007-09 financial crisis, serves as one of the nation’s top bank watchdogs and is responsible for ensuring the health of the nation’s largest lenders like JPMorgan Chase, Goldman Sachs and Citi. The official monitors banks’ balance sheets, capital reserves and broader systemic risks that could arise in the event of an economic downturn.

Fed Governor Randal Quarles served as the Fed’s first vice chair for supervision until October, when his four-year term expired. His tenure drew criticism from progressives like Brown and Warren, who railed against his efforts to relax banking regulations in the years following the financial crisis.

Cordray, if nominated and confirmed, would likely offer a contrast to Quarles.

As Ohio’s former attorney general, Cordray prosecuted Bank of America in a 2009 suit that alleged that the bank’s executives worked to conceal information about Merrill Lynch’s deteriorating financials ahead of a shareholder vote on their merger.

“Rich Cordray has spent years fighting on behalf of American families,” Warren said in a statement released in May following the Biden’s administration’s decision to name him to the Education Department.

“Rich was a fearless and effective leader at the Consumer Financial Protection Bureau where he held big banks accountable and forced financial institutions to return $12 billion directly to the people they cheated,” she added. “I’m very glad he will get to apply his fearlessness and expertise to protecting student loan borrowers and bringing much needed accountability to the federal student loan program.”

— CNBC’s Ylan Mui contributed to this report.

ShareTweetPin

Related Posts

Here are Friday’s biggest analyst calls of the day: Apple, FedEx, Coinbase, Honeywell, Micron & more

by
July 1, 2022
0

Here are Wall Street's biggest calls on Friday: Berenberg downgrades FedEx to hold from buy Berenberg said FedEx is "too...

Chinese automaker Nio reports record EV sales in June — but both XPeng and Li Auto did even better

by
July 1, 2022
0

In this article NIO Nio's ES7 sports utility vehicle adds another competitor to Tesla's Model X and Model Y in...

Warren Buffett says these are the best stocks to own when inflation spikes — with consumer prices still raging, it’s time to follow his lead

by
July 1, 2022
0

Motley Fool Why Amazon, Apple, and Nvidia Are Falling Today Shares of Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), and Nvidia...

Energy stocks are the best bet in the market right now, says JPMorgan

by
July 1, 2022
0

JPMorgan is once again pounding the table on energy stocks . The sector has been JPMorgan's highest-conviction overweight since late...

5 things to know before the stock market opens Friday

by
July 1, 2022
0

Here are the most important news items that investors need to start their trading day: 1. Second half begins Traders...

Next Post

Fauci says omicron Covid variant has already been found in 20 countries, but not yet in the U.S.

Goldman Sachs unveils Amazon-backed cloud service for Wall Street trading firms

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net