Reuters: White House Considers Raskin and Granholm to Lead CFPB

A report from Reuters today states that President Obama has not yet selected the head of a new consumer financial protection agency, according to the White House.

A source told Reuters earlier this week that two candidates are under consideration: Federal Reserve Governor Sarah Raskin and former Michigan Governor Jennifer Granholm.

Following the Reuters story, Granholm posted the following comment, according to The Detroit News: “This story says I’m under consideration for the CFPB job. I have declined to be considered for this post. I’m happy in my new roles at Pew, Berkeley and Dow.” Granholm was recently elected to Dow Chemical’s board of directors, is teaching at the University of California, Berkeley, and is writing a book with her husband, said the Detroit News story. “And, by the way, while I don’t know Raskin, and she may be great, I think nominating Elizabeth Warren is a fight worth waging,” Granholm added.

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Raskin, who currently sits on the Federal Reserve Board, was formerly the Commissioner of Financial Regulation for the State of Maryland. She also served as managing director at the Promontory Financial Group and on the Banking Counsel for the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

The Consumer Financial Protection Bureau, currently led by Elizabeth Warren, assistant to President Obama, is scheduled to take effect on July 21.

Reuters reported that its source did not mention other candidates for the CFPB director position.

See the Reuters Report.

Written by Elizabeth Ecker

 

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  • The nagging question remains whether or not Ms. Warren will still remain an Assistant to the President and a Special Assistant to the Secretary of the Treasury AFTER a new Director is appointed by the President and approved by the Senate. While that would be ridiculous and negate all of the support the President may pour on the new Director, it definitely is not out of question. I can see the political cartoons now with Ms. Warren as the puppeteer and the new CFPB as her puppet.

    Is all of this White House leaking a camouflaged campaign to raise support for Ms. Warren that it seems to be eliciting? It seems the President does not want to spend the political capital necessary to get Ms. Warren appointed directly. There is still the leak about a possible Senate recess appointment.

    The President clearly wants Ms. Warren. Ms. Granholm is right; if Ms. Warren is good it is worth the fight. So far the President has made it very clear he does not view her services THAT necessary.

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