Politics

CFPB Director Cordray Likely Stepping Down To Run For Ohio Governor

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Robert Donachie Capitol Hill and Health Care Reporter

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray is reportedly toying with the option of leaving his role at the regulatory agency to make a bid for the Ohio governorship in 2018, The Los Angeles Times reports.

Cordray is currently serving out his first-term as director of the CFPB, which is set to end in the Summer of 2018. He is also the first person to officially hold that post.

For him to make a successful run in the Ohio gubernatorial race, Cordray would need to vacate his position at the CFPB. The first debate for Democratic candidates is scheduled for Sept. 12.

Cordray spoke at a Labor Day picnic in Cincinnati, where he stopped short of announcing his plans to campaign for governor, but reportedly made a campaign style speech to a crowd of hundreds of union members Sunday.

“We need to join together to help each other rekindle the hope, the enthusiasm, and the willingness to find and make our own opportunities,” Cordray said at the picnic.

Current Ohio Gov. John Kasich is barred by term limits to run for the state’s highest office again in 2018, which could help leave the race open for Cordray and other candidates. Cordray has made a name for himself through cracking down on banks and Wall Street, which could help rally Ohio Democrats behind his cause.

If Cordray steps down in the coming weeks, it would allow President Donald Trump to appoint a successor. The appointment would likely be heavily challenged from Democrats in the House and Senate, led by Democratic Sen. Elizabeth Warren of Massachusetts. The agency, created in the wake of the 2008 financial crisis, is the brainchild of Warren, who believes the bureau is vital to constrain Wall Street and protect ordinary American consumers.

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