The Consumer Financial Protection Bureau’s future

[ProSense]

The Consumer Financial Protection Bureau’s future

By Steve Benen

The bad news is, Elizabeth Warren has not been nominated to lead the new Consumer Financial Protection Bureau. The good news is, President Obama has nominated an excellent an official, former Ohio Attorney General Richard Cordray — and we probably haven’t heard the last of Warren.

Mr. Cordray came to national attention for his aggressive investigations of mortgage foreclosure practices while he was attorney general. He is already an employee of the watchdog agency, which starts formal operations on Thursday, as the leader of its enforcement division.

“Richard Cordray has spent his career advocating for middle-class families, from his tenure as Ohio’s attorney general to his most recent role as heading up the enforcement division at the C.F.P.B. and looking out for ordinary people in our financial system,” Mr. Obama said in a written statement.

Of course, choosing a strong nominee is encouraging — by backing Cordray, the president is clearly siding with consumers and their leading advocates — but the political realities on Capitol Hill remain ridiculous. Senate Republicans had vowed to kill Warren’s nomination under any circumstances, and the likelihood of finding 60 votes was effectively nonexistent. Obama could consider a recess appointment, but Republicans haven’t allowed any recesses to occur.

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As for Warren, there have been quite a few hints recently that the Harvard scholar is interested in running for the U.S. Senate next year, eyeing the race against Sen. Scott Brown (R-Mass.). Democratic leaders have been urging her to run, and as of last week, Warren certainly seemed to be leaning in that direction.

If Warren runs and beats Brown next year, I wonder how much Senate Republicans will come to regret the decision to block her CFPB prospects.

Warren 2012!