President Obama should have stood up for Elizabeth Warren, one of the principle architects of the Consumer Financial Protection Bureau. Not only was his failure to do so bad karma, it was irrelevant with respect to solidifying the Bureau’s position. Last week, the Senate blocked Richard Cordray’s nomination. There are two major sticking points:
a) a board instead of a director
b) make the agency subject to the Congressional appropriations process
Sounds reasonable, no? Without analyzing it, given the source of the complaints, I’m going to say no.
I wonder if it makes a difference that Cordray aggressively fought mortgage foreclosures.
So either the President will straight up have to fight for the CFPB or it will be nibbled to death.