Michael Konczal of New Deal 2.0 thinks Elizabeth Warren is a “far superior choice” than Michael Barr, the Treasury’s Assistant Secretary for Financial Institutions, because she recognizes and is a strong critic of the flaws of the failing Home Affordability Modification Program (HAMP). He says:
There’s a debate going on about who should be nominated to run the Consumer Financial Protection Bureau at the Federal Reserve. One side says Elizabeth Warren, while another says someone from Treasury, likely Michael Barr.
At a quick glance you might not see a big difference. As Felix notes, Michael Barr is very strong on consumer finance.
But I think Warren would be a far superior choice. There are many reasons why, but I want to discuss a very specific one here that distinguishes her from anyone in Treasury. The biggest: she is a strong critic of HAMP, Treasury’s largest intervention into the massive foreclosure crisis hitting millions of regular Americans, and she demands accountability on behalf of the people.