Richard Cordray has some big shoes to fill.
Is this former 5-time "Jeopardy!" champion ready to follow rock star Elizabeth Warren as the first director of the Consumer Financial Protection Bureau? Consumers can only wait and hope for the best.
I could spend my few hundred words lamenting what could have been; indeed, what should have been: the nomination and battle to confirm Elizabeth Warren as director. But it was not meant to be. She scared the living daylights out of the banks and financial services industry. They cried a river to their Republican friends (OK, they paid for those friends) who vowed to defeat her nomination, and they were likely to prevail. Given the circumstances, I think I would have favored a recess appointment of Professor Warren, but I have faith in the President and his team, and hope they are doing right by the American consumer, the true backbone of our economic system.
We wish Mr. Cordray great success. First, he must kneel to the loyal opposition to assure his nomination, but assuming he does so with enough sincerity to be confirmed, he must be prepared to be bold and decisive from day one. Sadly, the momentum for reform and the protection of consumers has long since passed in Washington. Let’s hope Mr. Cordray can reverse that slide and begin his tenure with strong action and a thoughtful plan for being the consumer’s top cop.
Finally, let’s not say goodbye to Elizabeth Warren as she rides off to her ivory tower. Instead, au revoire. Until we see you again, as… hmmmmm… Treasury Secretary? Or Associate Justice of the U.S. Supreme Court?