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Politics & MoneyMortgage

Sen. Warren on the fate of the CPFB

Who should lead the bureau next?

Interestingly enough, this week marks the seven-year anniversary of when Sen. Elizabeth Warren, D-Mass., called Consumer Financial Bureau Protection Director Richard Cordray to come to Washington D.C. and run the newly created agency.

And it’s this same week that Cordray announced that he will step down from the position before the end of the month.

Warren weighed in on the discussion of Cordray leaving the bureau on MSNBC's The Rachel Maddow Show on Wednesday.

Warren has an extra stake in the bureau since in many ways the CFPB was her brainchild.

In September 2010, the Obama administration appointed Warren to serve as the architect of the bureau.

Warren, who was then a Harvard Law professor and is now a U.S. Senator, was a top candidate to lead the CFPB, but the role of director eventually went to former Ohio Attorney General Richard Cordray.

Warren left the CFPB shortly after it officially opened for business on July 21, 2011.

During the news segment, Maddow asked Warren, “What are your hopes for the fate of that agency now that President Trump will be appointing its leader?”

“This is a real test for Donald Trump, and in the financial area, it is the biggest one so far. He ran saying over and over and over that he was going to be there for the little guy,” Warren responded.  

“They need a director who has a proven track record in both the ability to stand up to Wall Street and the commitment to try and level the playing field for hard-working families,” said Warren. “This agency was built to work for the American people, and it does work for the American people. It needs a director that is committed to that, and right now, that’s up to Donald Trump. Make it happen.”

Watch the full video here

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