By Anemona Hartocollis and Stacy Cowley, The New York Times, May 3, 2021
Richard Cordray, a close ally of Senator Elizabeth Warren who served as the first director of the federal Consumer Financial Protection Bureau during the Obama years, has been selected as the new head of federal student aid in the Biden administration, a post that will put him at the center of the swirling debate over forgiving student debt.
The issue is a tricky one for President Biden. Though he has endorsed canceling up to $10,000 per borrower through legislation, Mr. Biden has been pressured by some Democrats to forgive much more, and to sign an executive order making it happen if Congress fails to act.
But with his new position within the Education Department, the primary lender for higher education, Mr. Cordray might be able to relieve the president of that burden by canceling student debt administratively. Democratic leaders are pushing for up to $50,000 per borrower in debt relief.
Comments (0)