White House Sources: Elizabeth Warren Will Be Named Head Of New Consumer Financial Protection Bureau
This is great news. Warren wins. Credit-card companies, mortgage lenders, Wall Street banks and Tim Geithner lose. She will initially be named Interim Director to avoid a difficult Senate confirmation.
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From Ryan Grim at the Huffington Post:
The White House is considering tapping Harvard professor and consumer advocate Elizabeth Warren to be the interim director of the Consumer Financial Protection Bureau, a source familiar with the White House deliberations told HuffPost.
Such a move would allow Warren to begin setting up the agency immediately and prevent the GOP from filibustering her nomination. She could serve until Obama nominates a permanent director -- a nomination he's not required to make, meaning that Warren would be able to serve indefinitely with the full powers of the director.
Obama could also name Warren as the permanent director following an interim appointment, which would give the Senate an opportunity to debate her selection.
The ability of the administration to nominate an acting director indefinitely, avoiding a lengthy confirmation battle, was first reported by HuffPost's Shahien Nasiripour in July. American Banker is also reporting that Warren is under consideration for the interim position.
White House spokeswoman Amy Brundage tells HuffPost: "Elizabeth Warren has been a stalwart voice for American consumers and families and she was the architect of the idea that became the Consumer Financial Protection Bureau. The President will have more to say about the agency and its mission soon."
On Friday, Obama gave away the game, saying he was a "dear friend" of Warren's, but wanted to wait a bit until making an "official" announcement. Simon Johnson laid out the case for an interim nomination on Friday.
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Sep 14, 2010 at 3:59 AM
Reader Comments (17)
http://globaleconomicanalysis.blogspot.com/2010/09/australian-lenders-learn-nothing-from.html?source=patrick.net
As Wall Street hangs on the question “Will Greece default?,” the author heads for riot-stricken Athens, and for the mysterious Vatopaidi monastery, which brought down the last government, laying bare the country’s economic insanity. But beyond a $1.2 trillion debt (roughly a quarter-million dollars for each working adult), there is a more frightening deficit. After systematically looting their own treasury, in a breathtaking binge of tax evasion, bribery, and creative accounting spurred on by Goldman Sachs, Greeks are sure of one thing: they can’t trust their fellow Greeks.
By Michael Lewis
http://www.vanityfair.com/business/features/2010/10/greeks-bearing-bonds-201010?source=patrick.net#main
http://www.nytimes.com/2010/09/04/your-money/04money.html?pagewanted=1
I don't know. I'm going to go with my usual default of complete and total cynicism. That's worked out pretty good so far, but if the trend changes I'll happily cut my losses.
And Senate Banking Committee Chairman Chris Dodd (D-Conn.), a key negotiator on the reform bill that created the position, told reporters Monday that he "absolutely" believed that any person President Barack Obama names to the position - Warren or not - should go through the full Senate confirmation process.
http://www.politico.com/news/stories/0910/42116.html#ixzz0zWMdBaBz
White House denies...false denial...we're going to hear by the end of the week...
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Well, if it comes to it, whoever opposes her (or hangs her out to dry) will show their true colors. I suspect we'll hear a lot of grumbling from Republicans about "constraining credit," blah blah blah "small businesses" blah blah blah.
In a healthy society, would policy makers be tying themselves up in knots like this over the fact that one, honest woman was about to enter their ranks?
Neaver trust a Lion dumb enought to stick his neck into the wolf pen. They are up to something not good in the end.
Think about it; Obama can NEVER afford to allow the likes of a REAL Consumer Protection Agency to exist. Such an agency would directly impede the continued existence of the massive consumers FRAUD machine that's so dear to his heart. Thus Obankster's options are:
NEVER allow EW to head that agency (she's too honest) OR undermine the power and authortiy of the Consumer Protection Agency so as to render it ineffectual & meaningless.
The USA is FINISHED.
We are soooooooooooooooo, F**cked today. But lets not lose hope. We can still circle the wagons and start taking down the bad guys.
They did a good job at the poles yesterday, Ha ? Reamber, Its Not Over, Till Its Over".....................!
EW got the job...