In 1938, many thought that de Valera wanted to make Ó Ceallaigh the Fianna Fáil choice to become President of Ireland, under the new Irish constitution, Bunreacht na hÉireann. When Lord Mayor of Dublin, Alfie Byrne, said he wanted to be president there was an all party agreement to nominate Dubhghlas de hÍde, a Protestant Irish Senator, Irish language enthusiast and founder of the Conradh na Gaeilge. They thought de hÍde was the only person who might win an election against Alfie Byrne. Ó Ceallaigh was appointed Minister of Finance instead, and helped create Central Bank in 1942.