Will Warren Make Way For Another CFPB Chief Nominee?

White House Special Advisor Elizabeth Warren may end up taking the sideline for another Consumer Financial Protection Bureau Chief frontrunner: Raj Date, Wall Street veteran and current CFPB associate director for research, markets and regulation.

Bloomberg News reported yesterday that Date has emerged as another likely nominee for the job, according to a source close to the process.

Date brings a background in financial experience to the bureau, having held past positions at Capital One Financial Corp. and Deutsche Bank AG, and founded the research group Cambridge Winter Center for Financial Institutions Policy, which he headed during the development of Dodd-Frank.

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The nomination “could be a way for the Obama administration to tamp down political controversy over the leadership of the consumer agency,” Bloomberg noted. The source told Bloomberg that Date is on a short list of Candidates and that President Obama has not yet decided who to nominate.

Obama Advisor Elizabeth Warren has sparked a flurry of political debate over her potential as a nominee, most recently becoming involved in a heated discussion with Republican Rep. Patrick McHenry during a House subcommittee hearing. While Republican senators and representatives have spoken and acted in opposition of a recess appointment, which has been speculated as the only way to effectively nominate Warren and avoid a Senate confirmation hearing, House Democrats have expressed their support of Warren as chief.

“Warren could urge her supporters to endorse [Date’s] nomination, and his industry experience has been praised by banks that would fall under the bureau’s oversight,” Bloomberg wrote.

There is some speculation as to an alternative for Warren, Bloomberg notes; some Democratic Party officials and supporters have urged her to run for a Massachusetts U.S. Senate seat currently held by Republican Scott Brown.

Read the Bloomberg News article.

Written by Elizabeth Ecker

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  • Is Date a Trojan horse?  If the President decides on Date or anyone else other than Ms. Warren, what choice does she have?

    At least with Ms. Warren we know what we are getting.  She is no wolf hidden in sheep clothing.  Date on the other hand just might be.

    • The_Cynic,
       
      There have been a number of such appointments where what you saw before appointment was not what you ended up with.  The most famous is the choice of former three-term California Governor Earl Warren to be Supreme Court Chief Justice.  President Eisenhower later claimed it was the very worst appointment he made as President.

      Of course most believe Ms. Warren would not be different than expected but those who are simply looking for banking experience might not like what the appointee turns into when in office.  You are right; Mr. Date could potentially be such a case.  A close alliance with Ms. Warren does not sound like someone who would be that much different than Ms. Warren herself.

  • Cynic,
     
    A wolf in sheeps clothing but a WOLF nevertheless. Go on to youtube and watch some of her TV interviews before she was up for this position.

    I admire her passion and she does have charisma in front of the camera but make no mistake she is an ultra liberal big bank hater. You can almost see the venom spewing from her.
     
    I would rather take my chances with Date. 

    • treverse,

      I would rather not have to take chances with either one.  But the Trojan horse did far more damage in just a few hours than even hundreds of wolves ever did to Troy.  Just remember the age old adage:  “Beware of Greeks bearing gifts.”

  • Cynic,
     
    A wolf in sheeps clothing but a WOLF nevertheless. Go on to youtube and watch some of her TV interviews before she was up for this position.

    I admire her passion and she does have charisma in front of the camera but make no mistake she is an ultra liberal big bank hater. You can almost see the venom spewing from her.
     
    I would rather take my chances with Date. 

  • Will it matter if it is Warren or Date? The end results will be the same. Each are pawns in the whole scheme of things. The committee is a predetermined group of people by our President or a higher up source. The outcome will be the same. The CFPB is the arm of the Financial Regulatory Reform Bill that will reek havoc on our industry, banking and our entire financial system after July 21st. I guess by nominating Date, it will take the emphasis off Warren that has been in the limelight these days. But as I had said, it does not make a difference who gets nominated, their job description and orders are already laid out for them. Thank you, John A. Smaldone

  • Will it matter if it is Warren or Date? The end results will be the same. Each are pawns in the whole scheme of things. The committee is a predetermined group of people by our President or a higher up source. The outcome will be the same. The CFPB is the arm of the Financial Regulatory Reform Bill that will reek havoc on our industry, banking and our entire financial system after July 21st. I guess by nominating Date, it will take the emphasis off Warren that has been in the limelight these days. But as I had said, it does not make a difference who gets nominated, their job description and orders are already laid out for them. Thank you, John A. Smaldone

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