OT: Elizabeth Warren Tapped as Interim Head of CFPA *updated*
Elizabeth Warren has been a tireless advocate for the middle class for ages and the CFPA was her idea to begin with:
The White House has tapped Elizabeth Warren as a special adviser to help set up the Consumer Financial Protection Bureau, ABC News is reporting. The move allows her to act as an interim head of the CFPB and will enable her to begin setting up the agency immediately and prevent the GOP from filibustering her nomination. Warren could serve until Obama nominates a permanent director — a nomination he’s not required to make for some time. Obama could also nominate her as the permanent director in the near future, a prospect that has been discussed among top aides, according to a person familiar with the White House deliberations. Warren will also be named as a special adviser directly to Obama, ABC reported.
A senior Democratic congressional aide with knowledge of the decision confirmed the ABC report to HuffPost.
The CFPB was a cornerstone of President Obama’s Wall Street reform package and Warren is credited as the intellectual founder of the agency. The ability of the administration to nominate an acting director indefinitely was first reported by HuffPost in July.
On Tuesday, Sen. Chris Dodd (D-Conn.), chairman of the Banking Committee, said that such an interim appointment could create a backlash and lead the next Congress to defund the bureau. On Friday, Simon Johnson laid out the case for an interim appointment…
What is Chris “Bank Man” Dodd’s problem? Every chance he gets he makes sure we all know that he thinks Warren should not head the CFPA. Whatever, Dodd. And we know Timmy Geithner didn’t want her as head, either.
I’m a big Warren fan and this is good news. I just hope that this isn’t political smoke and mirrors and that Warren will really be able to shape the agency and give it some teeth.
UPDATE:There has been some confusion about what Warren will be doing as an interim head and Adviser to the President and I think that confusion is understandable. However Barney Frank came out today and reassured everyone that Warren will have the leeway to do what she needs to do and that she wanted to be appointed interim head as opposed to being nominated for a permanent position. So that makes me feel better. I really can’t see Warren taking a position that wouldn’t allow her to do what she needs/wants to do- she’s no political hack. Btw, I really love Barney Frank, who happens to be my congressman- and this made me like him all the more.