Rep. Melissa Bean (D-Ill.) is possibly getting tapped as the first Consumer Financial Protection Bureau head. The fact that her name would be floated at all as the head of an agency to oversee the banks is an indication that there’s some sort of death wish on the part of Democrats for the 2012 election, and that Elizabeth Warren’s appointment was indeed a “cynical” bait-and-switch move meant to gin up enthusiasm among liberals before the election.
|By: emptywheel Tuesday August 10, 2010 6:11 am|
Given what happened with Department of Justice OLC nominee Dawn Johnsen, a rumored nomination is a long shot from getting the position. Proponents of Elizabeth Warren for Consumer Financial Protection Bureau would best be skeptical and refrain from celebration until Warren has been confirmed.
|By: David Dayen Monday July 26, 2010 6:30 pm|
It does appear that Elizabeth Warren has the inside track to getting the position as director of the Consumer Financial Protection Bureau. A source tells FDL News that Geithner is working on setting up CFPB with Elizabeth Duke, a member of the Federal Reserve Board of Governors. Duke is a former community banker and the past head of the American Bankers Association, a trade lobby group. She served on the ABA’s board of directors from 1999 to 2006. The ABA opposed the Dodd-Frank bill almost entirely because of the Consumer Financial Protection Bureau.
|By: David Dayen Monday July 26, 2010 3:00 pm|
Fellow Netroots Nation panelist Elizabeth Warren has continued to receive endorsements from key Senators and editorialists to get the position of director for the new Consumer Financial Protection Bureau.
|By: David Dayen Friday July 23, 2010 5:25 pm|
Felix Salmon says that Elizabeth Warren is a shoo-in for the Consumer Financial Protection Bureau, not because of any inside knowledge he has, but because progressives have turned up the heat so much to make it too painful for the Administration not to nominate her.
I’m a bit more skeptical about it than Salmon, but it’s true that progressives organized around the Warren nomination in ways that I wish they would have at some points in the FinReg fight. It speaks well that advocates have understood the importance of the regulators writing the rules as much as, if not more than, Congress granting the authority.
|By: David Dayen Wednesday July 21, 2010 6:30 pm|
Thirty-nine Democrats, including a substantial portion of the House Financial Services Committee, have signed on to a letter distributed by Rep. Carolyn Maloney (D-NY) supporting Elizabeth Warren to run the Consumer Financial Protection Bureau that will come into being as part of the financial reform bill to be signed today by the President. Warren, a favorite of progressives, invented the concept of a federal consumer protection agency for financial products, yet some reports with anonymous sources say top officials at the White House are resisting naming her to be the first director of the agency.
|By: David Dayen Tuesday July 20, 2010 8:58 am|
Brady Dennis covers the controversy over Elizabeth Warren and the Consumer Financial Protection Bureau today, noting that she is a short-list candidate for the job, along with Assistant Treasury Secretary Michael Barr and deputy Attorney General Eugene Kimmelman, a former official at Consumers Union, Public Citizen and the Consumer Federation of America. The one new piece of information in the article is White House spokesman Jen Psaki contradicting Chris Dodd and saying that Warren would be confirmable.
|By: David Dayen Monday July 19, 2010 11:35 am|
I don’t think that increasing fees and ripping off customers are the only sources of big bank revenue – they have the carry trade, making billions off the difference in interest between what they can get from the discount window and what they can loan out. And they are still engaging in plenty of risky activities like high-frequency and derivative trading. But certainly, fees and bad loan contracts still exist. And it would be the CFPB’s mandate to stamp them out.
|By: David Dayen Friday July 16, 2010 4:00 pm|
The pressure is building to name Elizabeth Warren as the director of the Consumer Financial Protection Bureau, on the inside and outside.
|By: David Dayen Friday July 16, 2010 11:45 am|
I just secured a statement from Andrew Williams, Treasury’s Deputy Assistant Secretary for Public Affairs, about Timothy Geithner’s views on Elizabeth Warren. This has been a raging controversy since it was reported last night that Geithner would potentially move to block Warren’s appointment to head the Consumer Financial Protection Bureau due to friction between the two in the past.