Speed Reads

2018 elections

Trump is reportedly leery of firing CFPB chief Richard Cordray because of Ohio's governors race

President Trump reportedly wants to fire Richard Cordray, the first director of the Consumer Financial Protection Bureau, whose term isn't set to end until July 2018. Republicans dislike the CFPB, set up under the Dodd-Frank banking reform bill to protect American consumers from the financial industry, and Cordray's leadership of it, as House Republicans let him know during a five-hour grilling earlier in April. But Cordray may keep his job for at least a little while longer, Politico reports, in part because of next year's gubernatorial race in Ohio:

Gary Cohn gave Richard Cordray, the head of the Consumer Financial Protection Bureau, an ultimatum over dinner a few weeks ago: Go the easy way, or go the hard way. Cohn, President Donald Trump’s top economic adviser, had heard the rumors that Cordray wanted to run for governor in Ohio. He left dinner that night thinking that they were true, according to people familiar with the meeting. So the White House decided to hold off on firing Cordray. Trump didn’t want to cause a sensation that could boost his candidacy and juice his fundraising. [Politico]

Cordray isn't popular on Wall Street, but Ohio's banking community likes and respects the state's former treasurer and attorney general, Politico says, and "banker love is no small thing in Ohio." Democrats are said to be excited about his potential run, and Republican strategists say he has a shot at winning if he does run. Ohio Gov. John Kasich (R) is term-limited and can't run next year. You can read more about Cordray, and how a race he hasn't yet entered might keep him in his current job, at Politico.