For several months, the worst-kept secret in Washington has been that Richard Cordray, the Consumer Financial Protection Bureau’s first director, will resign and enter the 2018 Ohio governor’s race. The best-kept secret may be that Cordray decided not to resign the day Donald Trump was elected, and pulled off a spectacular political hoax with some unintentional help from the president’s advisers.
Cordray did hope to run to replace term-limited Ohio governor John Kasich when it appeared that Hillary Clinton would win the 2016 election and Democrats would retain control of the agency they created through the Dodd-Frank Act in 2010. But for seven years, the CFPB’s unique structure—an independent agency whose single director the president can fire only for cause, and whose funding through Federal Reserve Bank profits circumvents the congressional appropriation process—has allowed the bureau to reject Republican job applicants, operate in secrecy, and stonewall congressional oversight. When Clinton lost, Cordray knew his Republican successor would uncover the politically devastating truth about the CFPB.
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