Ohio's Next Governor?

Ohio's next governor?

After serving for five years, Richard Cordray will step down as Director of the Consumer Financial Protection Bureau at the end of the month.  In his tenure, Cordray did important and necessary work at the CFPB.  The CFPB was created by the Obama administration and Elizabeth Warren as a response to the abuses in the financial and real estate markets which caused the financial crash and Great Recession of 2007-2009.  It operates as a counterweight to discriminatory, deceptive and predatory practices.  It has levied heavy fines against banks such as Chase, Wells Fargo, Bank of America, Ally, and Citibank, and returned that money to affected consumers.  It adopted a new rule allowing consumers to join class-action lawsuits against banks.  Cordray was its first director.

We will always need a CFPB.  We should have established one a long time ago.  The reason we didn't is that conservatives believe in the fairy tale of self-regulation, and resent the idea of any government oversight of business dealings.  Republicans have loathed Cordray and the CFPB from the get-go.  In a recent party line vote, Republicans spit in his eye and overturned the class-action rule, returning to the bad old days of bank-controlled forced arbitration (where banks always win and consumers always lose).

Cordray's sudden departure leaves the CFPB in a weird spot.  The agency will continue to exist and do its work, but without his leadership and vision.  Control will initially fall to Treasury Secretary Steve Mnuchin, who will appoint an interim director.  Don't expect much.  Mnoosh and Trump will undoubtedly select the one individual who can do the most harm to consumer finance.  They may pardon Bernie Madoff and give him the job.  But take heart -- our turn will come again, and soon.

It's reported that Cordray will enter the 2018 Ohio governor's race.  As much as I hate to see a strong consumer advocate like him leave D.C., I'll be glad if he runs for governor.  He's a former Ohio Attorney General and he'd clearly be the strongest Democrat, with a good chance of winning next November.  He'd make a great governor.

Although he hasn't even announced his candidacy, Ohio Republicans wasted no time in attacking him.  Ohio GOP Chairperson Jane Timken said yesterday, "Ohio voters know a swamp creature when they see one, and just like Hillary, Crooked Cordray can't be trusted."

Jane, you ignorant slut!  I give you a D for originality with your recycled Trump-speak, and an F for your knowledge of swamp creatures.

Jane, these are swamp creatures.