Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), will step down as head of the agency at the end of the month, opening the door for President Donald Trump to install his own head of the financial sector regulator.
Many observers are speculating that Cordray, who former President Barack Obama appointed as CFPB's first-ever director, will run for governor of Ohio as a Democrat next year, Bloomberg reported Wednesday.
Cordray, who campaigned for Obama in the past, has held a number of public offices in the state of Ohio, including attorney general, state treasurer, solicitor general, and state representative. He also ran unsuccessfully for the U.S. Senate in 2000.
Incumbent Gov. John Kasich (R.) is term-limited and cannot seek reelection when his second term ends in January 2019. Several Republicans have announced their candidacy for the governorship. On the Democratic side, Cordray is seen as the most popular choice among party activists.
Cordray will leave the CFPB months before his term expires in July 2018.
Republican lawmakers have criticized Cordray, arguing he has not been held accountable while running the CFPB, an agency responsible for consumer protection created in response to the 2008 financial crisis.
