Tobie Stanger, Consumer Reports
January 21, 2011
President Obama needs to nominate someone for the Consumer Financial Protection Bureau soon in order for the new agency to be up and fully functional by its planned July 21 launch six months from now, consumer advocates said today.
“This agency needs to be firing on all pistons by the time it opens its doors,” said Travis Plunkett, legislative director of the Consumer Federation of America. But he and other advocates, gathered at a press conference to unveil a report on the fledgling agency’s progress, noted that given the well-publicized opposition from Republican detractors in Congress, the process of confirming a nominee could take a very long time. Given that likelihood, Plunkett said, “We would need to see a nominee soon.”