So the Senate Republicans decide to block the nomination of former Attorney General Richard Cordray to head the Consumer Financial Protection Board because the Senate minority wants the rest of Congress and the President to water down an agency the majority of Congress created and but for their nomination hostage-taking, the Republican lack to the votes to pass the changes the major banks financing this political exortion scheme demands. Just as he failed as a member of the “Super Committee,” Ohio’s freshman senator, Rob Portman, who ran on a campaign of being able to get things done in Washington, voted party over the State. Virtually nobody, Portman especially, can find anything to criticize about Cordray as the pick. The entire nomination fight is nothing more than a political proxy fight over how much oversight do the major banks warrant.
If confirmed by the Senate, Cordray would be expected to serve a five-year term. As the first confirmed director for this major new agency, it would be difficult for Cordray to walk away early, and he actually disowned any interest in running for public office in Ohio if appointed.
But thanks to the Senate Republicans’ obstructionism, everyone with a pulse in Washington fully expects Obama to appoint Cordray as a recess appointment at his earliest opportunity. That means that Cordray can only serve until the end of 2012, unless he is reappointed (and then we restart the entire confirmation circus anew.)
If I were a Republican that cared about John Kasich’s political fortunes, I’d reconsider this path.
I mean, I’m not sure if I were a Republican I’d want Rich Cordray looking for work in early 2013 because that gives him time and motivation to gear up a 2014 campaign for Governor. Cordray was well respected by the editorial boards as Treasurer and Attorney General, and the partisan ugliness has generated some sympathy with Cordray as well.
Even before the Occupation Wall Street movement, Ohio has long been a State where economic populism sells well. Kasich might even be more vulnerable as Governorto attack from a populism viewpoint than he was when he was stuck with just the Lehman Brothers label, too.
Cordray was already on most people’s watch list for the 2014 Democratic gubernatorial candidate list already. What the Senate Republicans may have done is make a Corday for Governor ’14 inevitable now.
Nice thinkin’, Ray.
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