July 16, 2011
The Warren Appointment
Two days after Elizabeth Warren, the interim Consumer Financial Protection Bureau chief, appeared before the House Oversight and Governmental Reform Committee in a testy hearing on the CFPB, the White House has apparently decided against nominating Warren to lead the CFPB, according to WaPo.
Recall that congressional Republicans most recently demanded dramatic changes to the CFPB before they would confirm any nominee, leaving President Obama with a handful of options, including a recess appointment. But with the CFPB set to gain its full powers next week, under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that established it, the lack of a permanent leader, and the ongoing disputes about the structure and leadership of the CFPB, will hamper its efforts.
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Today President Obama nominated current head of enforcement Richard Cordray to direct the CFPB. Cordray's nomination will likely not avoid the confirmation obstacles that were promised for Warren, as he has a similarly strong track record of advocating for consumers and against abuse of power in the banking industry. The White House has made no indication that significant structural changes to the CFPB will be made, and both Obama and Senate Minority Leader Mitch McConnell are signaling a tough battle ahead.
More information here and here.
Posted by: Ross Drath | Jul 18, 2011 2:25:12 PM
Posted by: Ross Drath | Jul 18, 2011 2:27:39 PM