Elizabeth Warren Could Head CFPB Without Senate Confirmation

[kpete]

Source: Huffington Post


Elizabeth Warren Could Head CFPB Without Senate Confirmation


First Posted: 07-19-10 08:38 PM | Updated: 07-20-10 01:36 AM

........................

According to the bill's language, the Treasury Secretary has sole authority to build the new agency before it's ultimately transferred to the Federal Reserve. That includes anointing a person to head the effort on his behalf, and under his authority. The interim head would serve until the President's nominee is confirmed by the Senate.

That person could be Elizabeth Warren.

And the legislation doesn't appear to contain a deadline for a Presidential nomination, experts say, which means Warren could start the agency from scratch, put her people in, begin cracking down on predatory and abusive lenders, and initiate a culture that would put consumers' interests above those of the nation's most powerful financial institutions.

In short, she could set a tone the agency will follow for the next several years without the administration needing to fight a potentially drawn-out confirmation battle that could stall Obama's pro-consumer agenda.

Read more: http://www.huffingtonpost.com/2010/07/19/elizabeth-warren-could-he_n_651759.html

[notesdev]

1. quick question

has anyone in the administration actually indicated that they would like Warren to head the new agency, or is this just wishful thinking/making assumptions by observers and the press?

Based on the history I would expect that the actual nominee ends up being some protege of Larry Summers or Robert Rubin.

[daleanime]

3. Yes, probably just wishful thinking...

but wouldn't it be so much better then some corporate guy?

[NJmaverick]

2. "anoint"?!? someone needs to send those poor people at huffpst a dictionary

they are going Sarah Palin on us.

Main Entry: anoint
Pronunciation: \ə-ˈnȯint\
Function: transitive verb
Etymology: Middle English, from Anglo-French enoint, past participle of enoindre, from Latin inunguere, from in- + unguere to smear — more at ointment
Date: 14th century
1 : to smear or rub with oil or an oily substance
2 a : to apply oil to as a sacred rite especially for consecration b : to choose by or as if by divine election; also : to designate as if by a ritual anointment <critics anointed the author as the bright new talent>