Elizabeth Warren will NOT be nominated to head the Consumer Financial Protection Bureau

Last September I wrote:  Elizabeth Warren reports to Geithner — how long will she last? Of course she was way too SINCERE and I suspect that she can't be bought or blackmailed.  Obviously she was NOT suitable for the job.

Richard Cordray, former Ohio AG, is to supposed to be nominated to head the Consumer Financial Protection Bureau.  While Warren endorses him, I wonder why I've never even heard his name before despite covering many AG actions against collectors.  I see nothing exciting in his wiki.

Richard Cordray

Richard Cordray To Lead Consumer Financial Protection Bureau

President Barack Obama will nominate former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau, the White House announced Sunday.

"American families and consumers bore the brunt of the financial crisis and are still struggling in its aftermath to find jobs, stay in their homes, and make ends meet," Obama said in a statement. "That is why I fought so hard to pass reforms to fix the financial system and put in place the strongest consumer protections in our nation’s history. Richard Cordray has spent his career advocating for middle class families ... and looking out for ordinary people in our financial system.”

Cordray currently serves as the CFPB's director of enforcement. His appointment, first reported by the Columbus Dispatch, comes on the heels of a Wall Street Journal report on Friday that Obama was not expected to nominate Elizabeth Warren, who was instrumental in setting up the agency but faced stalwart opposition from Republicans.

The Journal named Cordray as a possible nominee to lead the agency.

Elizabeth Warren confirmed the news of Cordray's nomination in a statement 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," she said. "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."

Progressives had long pushed for Obama to nominate Warren to lead the CFPB, and the Progressive Change Campaign Committee expressed disappointment at the news that he would not do so.

"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."

I can't say that I'm surprised that Elizabeth Warren got dumped.  She would have been a breath of fresh air in skunky DC.

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