Elizabeth Warren, who conceived of the Consumer Financial Protection Bureau, will oversee its establishment as an assistant to President Obama, an official briefed on the decision said Wednesday evening.
The decision, which Mr. Obama is to announce this week, would allow Ms. Warren, a Harvard law professor, to effectively run the new agency without having to go through a potentially contentious confirmation battle in the Senate. The creation of the bureau is a centerpiece of the Wall Street financial overhaul that Mr. Obama signed in July.
Ms. Warren will be named an assistant to the president, a designation that is held by senior White House staff members, including Rahm Emanuel, the chief of staff. She will also be a special adviser to the Treasury secretary, Timothy F. Geithner, and report jointly to Mr. Obama and Mr. Geithner. The financial regulation law delegated to the Treasury Department the powers of the bureau until a permanent director was appointed and confirmed by the Senate to a five-year term.
The decision does not preclude the possibility that Ms. Warren could eventually be named director, and at the least, she would play a pivotal role in deciding whom to appoint to the job, according to the official, who spoke on the condition of anonymity so as not to pre-empt the formal announcement. Several organizations, including ABC, reported the news of Ms. Warren’s impending appointment on Wednesday.
All this stuff is of course to get around a guaranteed Republican roadblock of her nomination, the Republicans want to defund and repeal the CFPB almost as much as they do health care reform laws. They don't want anyone in the government looking out for the financial consumer's interests. They will indeed howl about this decision once it's official.
But Obama is getting things done. Ol' Arthur Gilroy thinks the Serious Village Centrists are looking at folks like Christine O' Donnell and Carl Paladino as running the country and it's beginning to scare the hell out of the Village. Karoli reminds us that Obama remains committed to making positive changes and improving the situation for Americans as a contrast while the wingers are busy holding ideological purity purges.
Next six weeks might get real interesting. Could it be that the Tea Party threat is finally being noticed and taken seriously by the DC Dinner Party crowd? They're not too fond of Obama's people, but can you imagine having to attend a Georgetown cocktail party with Rand Paul, Sharron Angle, and Christine O' Donnell and having to refer to all of them as "Senator"?
The shock of that is starting to penetrate even the Beltway Bubble, and suddenly the Village is looking a little shocked. These guys might pull it off, and maybe through the common enemy theory, they may be looking to take on the Tea Party juggernaut.
Thanks for the positive take on this. I still can't decide whether I wish Obama would pick the (Senate nomination) fight over Warren for the sake of making the Republicans look that much more evil, but I suppose it's a good thing to get her to work.
ReplyDeleteCountdown to shrieking about ZOMG ANOTHER CZAR!!!1! in 5..., 4..., 3...
They don't want anyone in the government looking out for the financial consumer's interests
ReplyDeleteWell the government has done a bang up job already by standing idly by leading up to the financial meltdown, and how many recalls have their been for food that could potentially kill you? Not to mention the whole BP incident
Yea Government does a great job of looking out for us.
Shorter InUrBlog:
ReplyDeleteBecause a job isn't done perfectly, it is an utter failure.
Try to imagine what life would be like without a government that at least tries to look out for the safety of the citizens. You think your beloved Free Market would protect you from tainted food and corporate pollution?
Too bad about all the lead paint on the toys little Booger Eater chewed on as a child.
ReplyDelete