Key Republicans are warning President Biden not to nominate Richard Cordray, a progressive and former director of the Consumer Financial Protection Bureau, to be the top banking regulator on the Federal Reserve.
Driving the news: Sen. Pat Toomey (R-Pa.) is indicating the GOP will use a potential Cordray nomination to re-litigate his tenure at the CFBP, an agency devised by Sen. Elizabeth Warren (D-Mass.) and fiercely opposed by most Republicans.
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Why it matters: In a 50-50 Senate, Biden has to consider how Republicans, as well as Democrats, will respond to his nominees.
The big picture: With vast powers to regulate how financial institutions allocate capital, the supervisory role at the Fed crucially important to America’s banks.
Cordray, a former Ohio attorney general who ran unsuccessfully for governor, is currently an official at the Department of Education.
Go deeper: Biden also is considering Sarah Bloom Raskin, a former Fed governor and deputy Treasury secretary, for the position, people familiar with the matter tell Axios.
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