You all know that I have supported Elizabeth Warren to head the CFPB. I have posted repeatedly on this and launched petitions from this site. I have sais that appointing Warren is the easiest thing Obama could do to energize progressive support. I have just learned that, built into the original financial reform legislation, there is authority to appoint an interim head of the CFPB, to jump-start the bureau.
President Obama is finally looking for bold, creative and clever ways to change the way the US economy operates — preferably with measures that will take effect by the November midterms and change the tone of the broader political debate. His tax proposals this week have some symbolic value, but in the broader sense all of these fiscal suggestions are tinkering at the margins.
What could he possibly do that would grab people’s attention, mobilize his political base and put his opponents on the defensive? There is an easy answer: Appoint Elizabeth Warren to start running the Consumer Financial Protection Bureau (CFPB) immediately.
And the brilliant part of this idea — as explained by Shahien Nasiripour at the Huffington Post (see also David Dayen’s Thursday coverage) — is that the Dodd-Frank financial reform legislation allows the person charged with setting up this new agency to be an outright appointment, rather than a nomination subject to Senate confirmation.
Warren’s credentials are impeccable — she came up with the original idea for the CFPB, she pushed effectively for it to become legislation and she has proved most effective in her oversight role as chair of the Congressional Oversight Panel (COP) for the Troubled Asset Relief Program. And her manifesto for the CFPB is sensible and actually pro-business — although she naturally opposes the specific ways in which big banks mistreat people.
No doubt Republicans in the Senate would try to derail her nomination to head the CFPB as they have done with numerous other nominations over the past year and a half. Their motivation would not be her views or expertise — she has earned serious Republican respect as a result of her COP role — but just part of their electoral strategy to block the president’s agenda and to undermine an agency they have consistently opposed.
The Treasury Secretary is explicitly authorized by an Act of Congress to pick an interim head for the new agency — with a view to getting it up and running immediately (in fact, what has he been waiting for?). Presumably the Senate (and the House) passed this specific measure expressly to expedite the CFPB’s work… [emphasis added]
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Now I do not doubt for a second that Timmy “GOP” Geithner does not want Elizabeth Warren at this post, but he has to Appoint her, if Obama orders him to do so, or resign (not a bad idea, either). What better foil could their be to Republican greed, as wn move toward November, than to have Elizabeth Warren hard at work protecting consumers?
19 Responses to “Elizabeth Warren Could Start Work Tomorrow!!”
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TC
I think you know how I feel about Warren. That’s the kind of change we have been looking for. I hope timmy has a hissy fit and leaves. Don’t let the door hit you in the ass on the way out.
That was a distant hope, Tim. I don’t see it happening.
Personally I think to blunt to ignore truthfully reported character assassinations of people like Demint, McConnel, Boehner and the rest would put the left where it needs to be, in the same mud pit they live in. Why the hell does the what is left of the liberals always think that smart intelligent maneuvering will take the legs out from underneath these tanning booth, obstructionist, self righteous pigs? I’d rather fight in the sty than try to keep my off the rack suit clean.
Lately I have come to realize that for every single good thing our baby boom generation accomplished there are five things that counterbalance the good. God damn we have fucked this world up when after 1945 we had the chance to largely set it aright. The most highly educated generation ever to live and ethics classes didn’t seem to mean anything until the 1990’s when a Boomer got a blow job in a closet. Win at all costs, nothing is honest anymore except what some idiot on TV tells me is truth.
Mark, assassinating character in Republicans can be quite difficult. How does one kill what is already dead?
An interesting provision. Was it put in place to avoid republican obstructionism? Maybe, but the real question is, does Obama have the cojones to do it? The ball’s in his court.
Jerry, I can’t speak with authority on intent, but that is my instinct. You have coined the operative question here.
But that would take political courage, a DEM “oxymoran”!
It would, indeed, Bruce.
That post is perfectly suited for Elizabeth Warren, and the country sorely needs her there!
Amen, Jack.
You don’t like Timmy ”Geithner either?
Neither do I. Oil Can Harry for the Democrats. Apologist for the Bush doctrine.
Way too smooth a talker.
Ivan, Timmy is one of Obama’s two worst appointments. Rahmbo is the other.
I agree with Barney Frank on this one! If President Obama fears Elizabeth Warren won’t be confirmed by the Senate to head the new Consumer Financial Protection Bureau, he should just appoint her while the Senate is on one of its many vacations, House Financial Services Chairman Barney Frank said Friday.
Referring to her as “far and away the best candidate,” Frank said Warren, a noted consumer advocate and bailout watchdog who conceived the agency in a 2007 article, not only cares about protecting consumers but also has the political chops to get things done for them in Washington.
“If [Warren] can’t be confirmed she should be a recess [appointment]
Jim, she does not even need to be a recess appointment. She can be nominated, subject to approval, and also appointed as the interim head until approved. If Republicans block her appointment, she can remain as interin head indefinately.
Yeah, O, WTF are you waiting for???? Get on it already! 🙄
Exactly!!
Get rid of Geithner; he’s blocking Elizabeth Warren’s appointment by passive-aggressive inaction. He believes that she knows too much about “his ‘revolving door’ operations.” Pres. Obama, appoint Elizabeth, even if just to ensure that Geithner’s kept in check if he ends up sticking around. But please don’t back down from your ultimatum! “Appoint her or Resign.” Simple. 😉
Welcome Liz! 🙂
I like the way you think and completely agree with your analysis. That is exactly how Obama should put it to Geithner.