Two days ago, President Obama signed the Wall Street Reform Bill, and now the Consumer Financial Protection Bureau (CFPB) is going to be a reality. However, the question now is whom he will appoint as head of the CFPB. Elizabeth Warren is a top candidate and AFR’s choice for the position; if you don’t think so, take a look at this Boston Globe editorial to see why Elizabeth Warren is the “clear choice.”
ONE OBVIOUS reason President Obama should pick Elizabeth Warren to lead the Consumer Finance Protection Bureau is that the new agency was her idea to begin with. Created as a unit of the Federal Reserve by the recent financial-reform bill, the agency will have the ability to set rules for credit cards, loans, and other financial “products’’ that banks and similar institutions offer to consumers. It needs a leader who has a passion for protecting consumer interests — and who recognizes that doing so contributes to the health of the financial system. Warren is easily the best candidate for the position.