Elizabeth Warren To Head Consumer Protection Bureau?
The Huffington Post recently published an article speculating that Elizabeth Warren will likely be appointed as head of the new Consumer Financial Protection Bureau, as she is the top candidate right now. Here is an excerpt from the article:
Once President Obama signs Wall Street reform into law, the battle will move off the front pages, but it’ll be far from over. Who the president picks to lead key agencies and commissions will determine the course and strength of those regulatory bodies, much as Joe Kennedy shaped a half century of tough financial industry regulations by setting the tone as the first head of the Securities and Exchange Commission.
Two positions are being watched closely by both sides: A new head of the Office of the Comptroller of the Currency (OCC) and the first head of the Consumer Financial Protection Bureau (CFPB).
Regardless of the regulator Obama picks to run OCC, banks will be losing one of their best friends. John Dugan consistently fought to protect banks from regulation, compiling a record of fealty to Wall Street impressive even by Bush-era standards. His term expires in August.
At the CFPB, Wall Street and the GOP have been working to prevent Elizabeth Warren from assuming the helm long before the body had been created. An amendment pushed by House Republicans in the Financial Services Committee was intended specifically to eliminate the possibility of her leading the agency.
It failed and Warren, a Harvard professor and the intellectual mother of the bureau, has the strong backing of committee chairman Barney Frank (D-Mass.), as well as Rep. Brad Miller (D-N.C.), who led the push in the House for tighter consumer protections in the mortgage lending industry. Many consumer advocates would view any appointment other than Warren as a disappointment.CFPB