Liberals rejoice, financial sector weeps: With her election to the Senate, Warren became one of the most powerful people in the country; now, she’s headed to one of the most powerful committees in the Senate. Financial regulation is Warren’s specialty; she helped oversee the distribution of TARP funds in 2009 and essentially created the Consumer Financial Protection Bureau. We can’t imagine the bank lobby wanted her on this committee, but then again, there’s probably not much they could have done to prevent it. (Photo: AP) source
Obama: Forget Congress; Richard Cordray’s my consumer agency chief!: Obama named Cordray to the Consumer Financial Protection Bureau in a recess appointment while Congress was out of town. Some feel Cordray’s stalled nomination was less about Congress’ dislike of Cordray but their hatred of Dodd-Frank. source
It’s not about Richard Cordray. That has become abundantly clear in the recent political jockeying over President Obama’s efforts to appoint a head to the Consumer Financial Protection Bureau, which came into existence via the Dodd-Frank financial reform law from 2010. Republicans have made it clear their reason for this blockage isn’t so much Cordray himself, who was a quite popular Attorney General in Ohio, but rather the structure of the bureau itself; they want a board to be in charge, as opposed to a single director, which many Democrats have dismissed as a means of muddying or weakening the bureau’s regulatory ability. In any event, the final vote tally was 53 yeas, 45 nays, which due to the Republican vow to filibuster the nomination is insufficient (a 60 vote super-majority is required to override the filibuster process). source
» Hey, wha’ happen? Warren’s rise may be due in part to an “announcement boost;” she was long-rumored as a candidate, and her official entry in the race may have fired up a contingent of Democratic voters. Perhaps more significant of a factor, however, is Brown’s plummeting popularity. Back in December, he was the 16th most popular Senator in the country, out of 87 polled. Now, Brown is in 61st place, and his favorability has dropped by 25 points.
Until President Obama addresses our concerns by supporting a few reasonable structural changes, we will not confirm anyone to lead it. No accountability, no confirmation.Sen. Richard Shelby • Offering an ultimatum about the Consumer Financial Protection Bureau, particularly in regards to its leadership. Obama recently chose former Ohio Attorney General Richard Cordray as his pick — a slight over noted financial industry critic Elizabeth Warren, but one that will nonetheless face a tough Senate confirmation battle. The GOP wants to push a five-member commission structure for the organization, but while Obama may offer concessions to please Republicans, that particular idea is off the table. source (via • follow)
swagandpassion asks: Is the Elizabeth Warren report being eliminated by Obama, a political situation? I would assume she would be ideal, but how big a fight would it be to restructure the agency if she was appointed?
» SFB says: As far as we can tell, that’s what happened. From an LA Times piece on the matter: “Warren appeared the obvious choice for the agency’s powerful director. But strong Republican opposition made the White House nervous that the nomination would be filibustered in the Senate, preventing Warren from playing any role in organizing the agency.” In case you aren’t familiar with this drama, this video basically confirms this fact. If you ask us, GOP distrust of Warren had much less to do with Warren herself and more to do with the fact that they want to weaken the organization right off the bat. Remember, the law creating the organization passed with only two GOP votes in the Senate. — Ernie @ SFB
» SFB also says: There are rumblings that Warren is considering running for Scott Brown’s Senate seat in Massachusetts next year. It’s possible that she’s already informed Obama of her intent to run, which would a) save the President a long, protracted nomination battle, and b) potentially flip a Senate seat to the Democrats. Conversely, if she hadn’t yet decided, Obama’s decision not to appoint her to CFPB might make that decision a bit easier. Of course, this is all pure speculation, but it’s worth keeping in mind. — Seth @ SFB
President Barack Obama has chosen a candidate other than Elizabeth Warren as director of the new Consumer Financial Protection Bureau, according to a person briefed on the matter.
The president’s choice is a person who already works at the consumer agency, the person said today. Obama may make the nomination as soon as next week, another person briefed on the administration’s plans said.
The people, who spoke on condition of anonymity because the process isn’t public, didn’t give the name of the choice.
I am so incredibly disappointed in our president.
(Source: rubenfeld)
By passing on McHenry’s already debunked claims without fact checking them, the press lent credence to falsehoods. In other words, it’s helping politicians lie and perpetuating a smear against Warren.Elizabeth Warren Is Smeared, and the Press Is Along for the Ride : CJR (via firthofforth)
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