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Report: President Biden Considers Richard Cordray for Federal Reserve’s Top Regulatory Role

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President Biden is considering nominating Richard Cordray, former director of the Consumer Financial Protection Bureau, to serve as vice-chairman of banking supervision at the Federal Reserve, The Wall Street Journal reported Tuesday.

The publication cited sources that say Cordray would succeed Randal Quarles and oversee the U.S. banking system once he is nominated and confirmed by the Senate for the role.

Cordray is a chief operating officer of Federal Student Aid and responsible for the Department of Education’s $1.6 trillion student loan program. He entered politics in 1991 as an Ohio state representative and served as attorney general of Ohio between 2008 and 2011.

Senate Banking Committee Chairman Sherrod Brown, D-Ohio, said Cordray was one of the candidates the White House considers for the position.

The latest development came a week after Biden nominated Jerome Powell, chair of the Board of Governors of the Federal Reserve System, for a second term as head of the central bank.

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