Has President Obama Eliminated Elizabeth Warren as a Candidate to Head the Consumer Financial Protection Bureau?
This week the Consumer Financial Protection Bureau (CFPB) officially opens for business with Harvard Law Professor and bankruptcy expert Elizabeth Warren at the helm (at least for now). Ms. Warren has been an enthusiastic proponent of increased government oversight over the lending industry which she (and many of us) believes has become increasingly unscrupulous.
CFPB Created as Part of Dodd Frank Warren Controversial
The CFPB was created in July of 2010 as part of the Dodd Frank financial reform legislation and Ms. Warren has been working behind the scenes for the last nine months to set up the agency that she might one day head up. I say might head up because there has been controversy surrounding Ms. Warrens leadership and the CFPB in general.
In fact, rumors are flying that President Obama has already chosen an alternative candidate to head the CFPB, likely due to the difficult fight Ms. Warrens nomination would cause in Senate confirmation hearings. Republicans have long accused Ms. Warren of being anti-business and many were outraged when President Obama chose to appoint Ms. Warren as special assistant to the President rather than Bureau Director in order to avoid a bruising confirmation fight.
New Candidate Already Chosen?
According to a Bloomberg News report that ran on Friday, President Obama has chosen an existing employee of the CFPB to head the agency. Ms. Warren may very well be out:
The presidents choice is a person who already works at the consumer agency, the person said today. Obama may make the nomination as soon as next week, another person briefed on the administrations plans said.
The Bloomberg story goes on to speculate that the head of the new agency will be Raj Date, a top deputy to Warren at the consumer bureau.
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Tags: Bureau, Financial Protection, Financial Protection Bureau, Protection Bureau
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