White House Considers Naming Warren 'Interim' CFPB Head

[kpete]

Source: American Banker

White House Considers Naming Warren 'Interim' CFPB Head

American Banker | Tuesday, September 14, 2010

By Cheyenne Hopkins

WASHINGTON — The White House is considering appointing Elizabeth Warren as interim head of the Consumer Financial Protection Bureau, bypassing a likely Senate confirmation battle, according to sources.

Under the Dodd-Frank regulatory reform law signed July 21, the Treasury Department has the power to appoint a temporary head of the new agency until a permanent one is nominated and confirmed.

By naming Warren interim head, the White House would sidestep — for now — a likely fight over her nomination. Obama can still choose to formally nominate Warren sometime next year, or select another candidate if she becomes too polarizing.

Warren supporters are urging the White House to make the appointment quickly, which would give the Harvard professor time and authority to get the new agency running.

Read more: http://www.americanbanker.com/issues/175_176/elizabeth-warren-consumer-financial-protection-bureau-1025463-1.html

[Mass]

1. Because the battle will be easier next year?

[Kweli4Real]

41. No ...

But this move allows her to start ASAP without the confirmation battles distracting from Democratic candidates.

[DeepBlueC]

2. and the sooner the better!

She is a very well-spoken and persuasive advocate.

[DJ13]

3. or select another candidate if she becomes too polarizing

Translation:
If she does the job, but the poor bankers get upset as a result, she's history.

[jgraz]

40. Alternate translation: if Glenn Beck mentions her too often.

Holy crap, can this president ever do anything all the way? Does there always have to be some deflating compromise?

[Kweli4Real]

42. No ...

Don't be so negative ...

I think a better translation would be "Don't worry, I'm just gonna put the head in", when anyone that has been a teenager and in the backseat of a car knows, that once she's in ... she's in for the duration.

I like the move.

[DCKit]

4. "...if she becomes too polarizing."

Treasury, the Fed and their handlers over at Goldman Sachs don't want her. Of course she's going to be polarizing - unless she does nothing to reign them in.

[xchrom]

5. Interim? Oy - of course. Nt

[elleng]

6. OK with me; Bureau itself doesn't exist yet; EVERYTHING's interim.

[SoapBox]

7. CONTACT the White House here...and tell them to make her permanent.

Contact the White House here:

http://www.whitehouse.gov/contact

[BumRushDaShow]

8. The White House CAN'T "make her permanent"

The Senate would STILL have to confirm her. And since Reid is useless, she'll never get scheduled for a hearing, committee vote, and finally full floor vote any time soon.

By doing it this way, she starts immediately upon appointment (like a recess appointment) until the Senate gets around to it. And if you believe the RW-owned M$M, McConnell is poised to take over and would ditch her in less than a fraction of a second.

[Amonester]

9. So?

How about The Obama Administration (if Obama is it's boss...) let mcCONnHell just TRY to ditch her in less than a fraction of a second anyway??

oh. we. can't. have. the. boss. be. all. the. boss. he. could. be.

let. his. own. appointed. GOPer. advi$or$. convince. him. not. to. ever. think. of. 'offending'. mcCONnHELL. for. G. sake.

[elleng]

12. Don't understand the system, eh?

[Amonester]

13. Because the system 'works' so well.

Don't. Even. Try. To. Suggest. It. Needs. Change.

That. Could. Offend. The. Tiny. Minority. Who. Profit. Obscenely. From. It.

[elleng]

14. It doesn't work well,

but we should not kick it in those instances where there is a way around. FOOLISH to do otherwise, imo.

[BumRushDaShow]

32. Have you ever heard about the tricameral gov't?

The ignorance of how the gov't works is breath-taking on DU. :banghead:

News flash - There is no dictatorship here in the U.S. although many times it seemed like it under the rethuglicans.

[elleng]

11. Right; that's the was it works.

[metapunditedgy]

25. Why can't she be nominated *and* appointed as a temp?

Are they serious about appointing her or not?

[BumRushDaShow]

33. I expect that this is what will probably happen. n/t

[Daphne08]

34. You're right.

This is President's only choice at this time.

[mike r]

10. You don't want to hurt bankers' feelings

Gotta be real careful...

[ProSense]

15. More

here

[Demeter]

16. "See, I Really Really Wanted Elizabeth, but the Nasty Senate Wouldn't Confirm Her"

Sure he does. Right after a good case of hemorrhoids.

The tap dancing is really getting to me.

[Iowa]

18. Yep.

[pmorlan1]

17. Bait and Switch Again

Appoint her as the "temporary" head before the election and then remove her after the election. Great.

[Historic NY]

19. I agree get her in there to organize the dept. not enough time left for a

protracted battle at the moment.

[katandmoon]

20. Wonder how long it took Rahm to think that up

[lonestarnot]

21. YEAH! HURRY UP!

[Andy823]

22. Just one question

How long can she stay as the "interm" head of the bureau before he has to nominate someone?

If there is no dead line, then who cares, she could stay on as long as he is in office, couldn't she?

[kpete]

23. UPDATE!!!!!!!!The appointment may be made on Sept. 15 or 16

Obama to Name Warren as Interim Consumer Agency Head
September 13, 2010, 9:37 PM EDT

By Hans Nichols

(Updates with details on appointment beginning in fourth paragraph, earlier Obama comments from seventh.)

Sept. 13 (Bloomberg) -- President Barack Obama plans to appoint Elizabeth Warren as the interim head of the new Consumer Financial Protection Bureau as early as this week, according to a person familiar with the matter.

The consumer bureau is one of the biggest regulatory consequences of a Wall Street overhaul Obama signed into law in July. The bureau will have a $400 million budget and the power to impose federal rules on mortgages, credit cards, layaway plans and other consumer credit products.

Warren, a Harvard law professor and chairman of the congressional panel overseeing the Troubled Asset Relief Program, is the favored candidate for the agency post among consumer advocates. She is credited with conceiving the new agency and is a consistent critic of Wall Street, which she has said bears responsibility for the financial collapse.

The appointment may be made on Sept. 15 or 16, said the person, who requested anonymity. The final decision on temporarily installing Warren hasn’t yet been made, said another person familiar with the matter.

more:
http://www.businessweek.com/news/2010-09-13/obama-to-name-warren-as-interim-consumer-agency-head.html

[Spazito]

24. Very, very exciting news!

I have always believed Ms. Warren would be the appointee as she is the BEST qualified person for the job and I am glad my belief has proven valid.

Thanks for the update!

[Iwillnevergiveup]

26. Is this what's known as

sweating it out? Holy mackeral. But "interim" could be okay I think. Elizabeth already knows what has to be done and has a game plan. She's also aware of the criminality in the entire financial sector. Let her get going, showing her stuff, and she'll make it through to "permanent." We gotta believe, but to me this also signals Dems have to hold onto as many seats in the midterms as they possibly can.

[Frank Booth]

27. If this is true, Obama deserves full praise for this.

From what I've seen, the soonest an "interim" head of the Bureau may have to leave is summer of 2012, and even that time-frame doesn't appear definite.

I'm all for criticism of Obama when appropriate, but if this story is true, I can't imagine any legitimate reason why anyone here would be upset with Obama about it.

[Divine Discontent]

30. thanks for this post! she will do whatever she's supposed to do in that job - and that's great, and

I just hope they don't get in her way, she's got plenty to do!

[aquart]

28. INTERIM?

What the gutless fuck is this about?

[Jax]

39. kick

you know aquart, you just get it don't you?

I needed to read a post like this today.

Thanks you. :thumbsup:

"what the gutless fuck is this about?" I'm stealing that...

[jtuck004]

29. No. Have the fight NOW, and make her permanent. In or out.

Besides, I want to see who is on our side.

[freebrew]

43. Well, it's not Chris Dodd....

he has already threatened to cut the funding for the agency.


ASSHAT!

[jtuck004]

44. +1 n/t

[Scurrilous]

31. K & R

:thumbsup:

[lunatica]

35. When you can't win head on then flank them or come up the rear

There's lots and lots of way to skin a cat.

[femrap]

36. Why must the administration

constantly placate the party of 'no?' I'm so tired of it.

Name her and be PROUD of her. She's the best person for the job, damn it.

[Tansy_Gold]

37. Oh, FFS -- JUST DO IT, DAMN IT. Quit the damn dithering.

This is NOT a classroom exercise, Mr. Obama. This is not a rhetorical moment.

It is real life and it's time to fucking DO SOMETHING. Grow a pair. Make the appointment and see what happens. You might be pleasantly surprised!

I mean, come on. What's the worst that can happen? A floor fight in the Senate? Is that the absolute worst?

Or is the worst that can happen some personal slight, some emotional ouchie that needs a special band-aid?

This country is DYING, Mr. Obama. DYING by inches, by a thousand, a million, a billion, a trillion tiny cuts. While you dither over a recess appointment, how many people will lose their homes? Their jobs? Their dignity?

Make the goddess damned appointment, sir, and have done with it.



Tansy Gold, NTY

[DirkGently]

38. Nominate her and let them attack. What are they going to say?

She's too smart? Too much integrity? This is exactly the KIND of fight the WH ought to pick with the Republicans. Put them in the position, again and again, of defending the rich and the banks and the corporations against consumers, i.e., voters.

[bvar22]

45. I'm waiting to see how this plays out.

I understand that this new Agency will live in the opaque bowels of the secretive FED.
It is very possible that Warren could be forbidden to speak publicly about anything that happens under the aegis of The FED.
We could never see or hear from her again.

It seems insane to me that a Consumer Protection Agency would be placed INSIDE one of the most secretive and unaccountable agencies the USA has ever known.
We get more information out of the CIA than from the Black Hole of The FED.

...but what do I know? :shrug:


Oh, I do know that Timmie Geithner has been over there (The FED) setting up everything
(burying skeletons, locking doors, shredding files, installing trap doors, greasing poles, and spreading bread crumbs to Dead Ends) so that the transition will be easy.

[Joe Chi Minh]

46. "Obama can still choose to formally nominate Warren sometime next year,

or select another candidate if she becomes too polarizing."

My.... "too polarizing"! Mustn't have that. What would Wall Street have to say about it....!