With the administration nominating Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB), the White House has selected a person who may draw even more GOP opposition than Elizabeth Warren. After designing the agency, Warren became a lightening rod among Republican and business leaders and was ultimately passed over for the top job. And now, some insiders speculate that the White House may be open to compromise over the bureau's structure to win Cordray's confirmation.
"It's hard to see how he can get confirmed unless the president is willing to cut a deal with Senate Republicans," said Jaret Seiberg, financial services policy analyst at MF Global's Washington Research Group. "That's why you could definitely say that this nomination opens the door to a regulatory relief bill in this Congress."
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