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.
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