Bloomberg: Warren Still in the Running For CFPB Director

In the latest Consumer Financial Protection Bureau leadership news, Bloomberg News reports that President Obama has included Elizabeth Warren in a short list of candidates to be considered for the position of CFPB director. Warren is currently tasked with setting up the CFPB leading up to its July 21 launch date.

The list of potential leaders now includes a group of people with financial-services experience, according to Bloomberg’s report, with Warren among them. The administration is hoping for a decision in the coming weeks, the report says, citing an unnamed government official.

In recent weeks, the CFPB leadership structure has been challenged by the House Financial Services Committee, which introduced a bill that would change the leadership structure to a five-member panel, rather than a single director.

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It was recently reported by Reuters that Federal Reserve Governor Sarah Raskin and former Michigan Governor Jennifer Granholm were being considered for the director position, although Granholm later said she had declined to be considered.

While Warren has been leading the bureau up to its official start date, if nominated, she would have to pass a Senate confirmation hearing.

“Obama met recently with advisers to discuss the nomination, according to a person briefed on the talks,” the Bloomberg report states. “He may announce a nominee with the expectation that he will make a recess appointment if it becomes clear the Senate won’t confirm a director in time for the CFPB’s scheduled July 21 start date, according to a person with knowledge of the bureau’s efforts.”

Read the Bloomberg article.

Written by Elizabeth Ecker

 

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  • What a welcome for Ms. Warren.

    Many believe the President has intentionally delayed declaring his nominee, so as to avoid Senate confirmation. It was always expected that the President would use a recess appointment to get Ms. Warren into the directorship. Although intended as an emergency measure, this method of appointment has been used by several recent Presidents to avoid controversial Senatorial hearing.

    The House Financial Services Committee has long been awaiting this outcome and will be prepared to declare its righteous indignation over this highly controversial method of appointment especially when this scenario has been wildly rumored since the original drafting of the Dodd-Frank Act. The President showed his hand by making Ms. Warren not only a Presidential Assistant but also a Special Assistant to the Secretary of the Treasury overseeing the start up and initial operations of the CFPB. The question has been who would blink first, the President or the Republican members of the House. No one expects many in the Senate to seemed pleased with this tactic other than Democrats in group photos.

    There is no real news in this maneuver. There is just the long anticipated announcement that it has been done. It is still a cat and mouse game but all of that will be over in a matter of months.

    As to waving a red flag in front of a bull, there are few clearer illustrations in the political arena. Business as usual in Washington, DC? You bet. Promise the people one thing and do just the opposite. The President has proved himself a worthy, crafty, and politically astute adversary to both House and Senate Republicans.

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