Geithner's Revenge - Elizabeth Warren Might NOT Lead New Consumer Financial Agency: Report
Disturbing new report.
I've covered their battles extensively in the past...
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Reprinted with permission.
Warren Seeks Chief For Consumer Financial Agency
White House adviser Elizabeth Warren and a top lieutenant are quietly asking business and consumer groups for names of people who might run the new Consumer Financial Protection Bureau, people familiar with the matter said.
The hunt suggests that Ms. Warren, a lightning rod for some bankers, might not be selected to lead the bureau, a centerpiece of the Dodd-Frank financial overhaul bill that passed this summer. Still, many liberal groups will push to get her in the post.
President Barack Obama's choice could signal how he intends to deal with resurgent Republicans in Congress. The feelers to business groups serve as a reminder that any nominee would likely need support from at least seven Republicans in the Senate to win confirmation.
Among the names being discussed are Iowa's attorney general, Tom Miller; New York state bank regulator Richard Neiman; and former Office of Thrift Supervision director Ellen Seidman.
Mr. Miller, through a spokesman, declined to discuss whether he had been contacted by the administration about the post or was interested in it. A spokesman for Mr. Neiman declined to comment. Ms. Seidman didn't respond to a request for comment.
The Obama administration weighed nominating Ms. Warren earlier this year but held off amid concern that Republicans who consider her anti-business would block her appointment. Instead, she was named a special adviser to set up the agency, and a decision on a permanent head was put off until 2011.
Several federal agencies are scheduled to transfer their powers to the new agency in July, and the administration wants to have a confirmed chief in place by then. Without a Senate-confirmed director, the agency's powers would be limited. For example, the agency wouldn't be able to issue certain new rules on lending.
So far, Ms. Warren and her senior adviser, Raj Date, have solicited input from a range of groups, including the Independent Community Bankers of America, the Financial Services Roundtable and the Center for Responsible Lending, according to people familiar with the matter.
The first two groups are two of Washington's most influential associations for lenders, representing thousands of big and small banks. The Center for Responsible Lending is a North Carolina-based consumer group that pushed for the creation of the new agency and is influential with congressional Democrats.
The process is at an early stage but could escalate quickly, the people said. A concrete list of candidates hasn't yet been established, and the White House could dismiss any recommendations made by banking or liberal groups. The decision on a nominee will ultimately be made by Mr. Obama, and could come by March, the people said.
Many credit Ms. Warren, a longtime critic of banks and a Harvard law professor, with envisioning the consumer-protection agency in 2007. Liberals pushed to include it in the Dodd-Frank law, saying Washington needed a regulator whose sole focus was protecting consumers from unscrupulous lending practices. Republicans and business groups, particularly the U.S. Chamber of Commerce, tried to kill it and succeeded in scaling it back.
Ms. Warren has said the bureau's priorities will include simplifying credit card and mortgage disclosures. She also wants to make the prices of financial products more transparent. Critics say the bureau's actions could limit choices for consumers and burden financial firms with costly new regulations.
Much will depend on who leads the agency. Ms. Warren is revered by many liberal groups, but it would be even more difficult for her to win confirmation in the new Senate, which will have 47 Republicans.
In the new political dynamic, the White House needs broader support from business groups to move nominees and legislation through Congress. If the administration can win early support for a nominee from business, it could smooth the passage for Senate confirmation.
Richard Hunt, president of the Consumer Bankers Association, another lending trade group, said he was "perplexed" that the White House hasn't nominated someone yet. "It's going to take months for anyone to get confirmed," he said.
Treasury Department officials have taken the lead in setting up the consumer-protection bureau in advance of its formal launch in July. Ms. Warren has helped recruit a number of people to work at the agency once it is up and running, including Ohio Attorney General Richard Cordray, who will set up the agency's enforcement division.
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White House ceremony appointing Dr. Warren...
Video - Obama names Warren interim Chairman
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Professor Elizabeth Warren explains why America needs a Consumer Financial Protection Agency. July 16, 2009. Cambridge, Massachusetts, U.S.A.
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Background reading...
Dec 30, 2010 at 3:20 PM
Reader Comments (10)
http://dailybail.com/home/the-real-reason-tim-geithner-is-afraid-of-elizabeth-warren.html
http://dailybail.com/home/ron-paul-does-not-like-elizabeth-warren-or-the-new-consumer.html
http://dailybail.com/home/still-hold-a-grudge-against-geithner-heres-your-last-opportu.html
by Shahien Nasiripour
http://www.commondreams.org/headline/2010/12/01-7
http://www.rys2sense.com/anti-neocons/viewtopic.php?f=11&t=24053
don't look at this if you can't laugh at religion...
Davol--you put any stock in Palin bailout queen?
Why do we need another invasive federal agency in our lives? Protect us from what exactly? Are you kidding me? They have nothing...NOTHING...about the root of the financial escapades since 2007. And they have nothing to deal with lies associated with 911. That is where this whole fucking thing started.
So I could two fucks who they appoint to this next fascist agency. Warren is an insider. Read her bio. If you think these insiders change in a blink of an eye, your only fooling yourself. It doesn't happen, and if it does they ruin your career/life orfit you for a pair of cement shoes.
This is either just another distraction or another tool for the government to pry into our private affairs. To the federal governemnt....get the fuck out of my life!!
Does anyone really believe they are implementing this agency on behalf of the cattle...oops...I mean people? LOL...;.nothing could be funnier. NEXT!
http://www.onlinesentinel.com/news/maine-aig-settlement.html
i'm afraid you're probably right...i don't support fed agencies as a rule, but i broke my rule to support liz warren...