Courtesy of Pam Martens
Richard Cordray, Former Director of the Consumer Financial Protection Bureau (CFPB)
By Pam Martens and Russ Martens: December 3, 2021 ~
Progressives are waiting with bated breath to see if President Joe Biden will show more moxie than former President Barack Obama when it comes to Wall Street regulation. So far, the record has been nothing short of bizarre. See here and here.
When it came to Wall Street, Obama was all talk and no show. One gift to Wall Street that has been all but forgotten by progressives is that Obama was mandated under Section 1108 of the Dodd-Frank financial reform legislation of 2010 to appoint the very first Vice Chairman for Supervision of banks at the Federal Reserve. Instead, Obama served out his two terms as President without ever filling that mandated post.
It was not until the Presidency of Donald Trump in 2017 – seven years after the passage of Dodd-Frank – that Randal Quarles was appointed the very first Vice Chairman for Supervision at the Fed. Quarles was a disaster in terms of loosening regulations on the Wall Street mega banks instead of doing his job and prudently supervising them.
Now Quarles’ term as Vice Chairman for Supervision is over and Biden is expected to shortly nominate a new person to the post, which requires Senate confirmation.
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