President Joe Biden is considering Richard Cordray, who served as the first director of the Consumer Financial Protection Bureau, to be the Federal Reserve’s top banking regulator, the Wall Street Journal reported Tuesday, citing people familiar with the matter. If nominated and confirmed by the Senate, Cordray would succeed Randal Quarles as the Fed’s vice chairman of banking supervision. Cordray is now a top official at the Education Department, and did not respond to inquiries seeking comment, the Journal said.
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