Sen. Elizabeth Warren Elizabeth WarrenBiden's fiscal program: What is the likely market impact? Warren, Schumer introduce plan for next president to cancel ,000 in student debt The Hill's 12:30 Report - Presented by Facebook - Don't expect a government check anytime soon MORE (D-Mass.) said on Thursday that the resignation of the Consumer Financial Protection Bureau's (CFPB) chief presents a test for President Trump, saying he can stand with Wall Street or American families.

"I see this as a test for President Trump. He ran saying over and over and over 'I'm here for the little guy, I'm here for the forgotten man, and I'm the one person who can stand up to Wall Street,' " Warren, who conceived and established the CFPB, said on MSNBC's "Morning Joe."

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"If President Trump wants to put his money where his mouth is, he'll put somebody in that job who has a proven track record of the ability to stand up to Wall Street and to get out there and fight on behalf of American families," she continued.

"At this point, the president can choose. Is he going to be on the side of Wall Street, or is he going to be on the side of American families?" she said.

Warren's comments come a day after Richard Cordray announced his resignation from the agency.

Cordray has received praise from Democrats for his work leading the agency since 2011. His actions, however, have earned him the ire of Republicans.

Republicans have accused him of abusing the agency’s power and pursuing flashy cases to boost his political profile. Cordray is rumored to be exploring a gubernatorial bid in Ohio.

Several Republicans and banking industry leaders pressed Trump to fire Cordray, however, he did not take that path.

Cordray's resignation has presented Trump with an opportunity to reshape the agency to satisfy Republican demands.

The White House said the president “will announce an acting director and the president's choice to replace Mr. Cordray at the appropriate time.”