11/30/2021, 4:33 PM (Source: TeleTrader)
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WH considering Cordray for Fed banking supervision job - report

The administration of United States President Joe Biden is considering nominating Richard Cordray (pictured) as the next Federal Reserve vice chairman of banking supervision, the Wall Street Journal reported on Tuesday.

The nomination would have to be confirmed by the Senate before Cordray is appointed to the position. Cordray served as the director of the Consumer Financial Protection Bureau (CFPB) between 2012 and 2017.

Earlier this month, Randal Quarles, who has served as the Fed's first-ever vice chair of supervision announced his resignation effective from the last week of December.

Baha Breaking the News (BBN) / NP