President Joe Biden is reportedly weighing the appointment of Richard Cordray as the Federal Reserve’s head banking regulator, the Wall Street Journal revealed Tuesday.
If Cordray accepts the nomination and is confirmed by the Senate, Cordray would be a powerful overseer of big banks and financial institutions. Cordray would replace at the end of this year Randal Quarles, the vice chair of the Federal Reserve for supervision since 2017.
Cordray was the Director of the Consumer Financial Protection Bureau (CFPB) between 2012 and 2017, the first director of the agency created…
