Geithner Opposes Warren for CFPB

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Friday, July 16, 2010 at 10:31 am

The head of the new consumer financial protection bureau will be one of the most important figures in the financial world. This has led to serious speculation over who President Obama might name; concern over who will lead the CFPB even led Sen. Ben Nelson (D-Neb.) to temporarily withdraw his vote for the Dodd-Frank financial regulatory reform bill, which will be signed into law next week.

The most obvious candidate is Elizabeth Warren, a professor at Harvard Law School and the head of the Congressional Oversight Panel over the Troubled Asset Relief Program, the Treasury Department’s signature effort to stem the financial crisis. She devoted her career to studying how the modern financial system ends up giving families and workers bum deals. The idea for the CFPB is hers. She is, bar none, considered the foremost mind on the topic. As the head of the CFPB, many in Washington hoped, she would act not just as a strong leader, but as a draw for smart minds — a kind of J. Edgar Hoover, sexing up the bureau rather than letting it become just another wan regulatory agency. This might sound a bit strong. But I am serious in saying that most everyone I speak with about this issue — on the Hill, in consumer groups, in think tanks — considers Elizabeth Warren just that good.

Except, Shahien Nasiripour reports at the Huffington Post, Treasury Secretary Timothy Geithner. Why? Because she has been hard on Treasury’s reform efforts. I would not be surprised to hear push-back from Treasury on the story, but it has been in the air for some time that the department opposes her. The question, of course, is how much Treasury’s opinion will influence the White House.

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25 Comments

Tweets that mention Geithner Opposes Warren for CFPB « The Washington Independent -- Topsy.com
Pingback posted July 16, 2010 @ 10:37 am

[...] This post was mentioned on Twitter by Dirk Lester, Mark Welkie and Megan Carpentier, WashIndependent. WashIndependent said: Geithner Opposes Warren for CFPB – http://bit.ly/aaX8gn [...]


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Trackback posted July 16, 2010 @ 12:15 pm

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Trackback posted July 16, 2010 @ 3:52 pm

Geithner Opposes Warren for CFPB « The Washington Independent…

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Trippin
Comment posted July 16, 2010 @ 3:09 pm

“The question, of course, is how much Treasury’s opinion will influence the White House.”

Considering that Obama failed to lift a finger for the public health insurance option but saw fit to become personally involved to gut the derivatives provisions of the financial regulatory bill, the answer to that question is obvious.

Obama is owned by the banks, and Tim “I have never been a regulator” Geithner is there specifically to tell him precisely what and what not to do.


Ghostcommander
Comment posted July 16, 2010 @ 3:57 pm

When will the Washington Independent get it right? The US Treasury Dept. is no more. Please refer to it by the proper name of Goldman Sachs Treasury.


Iamherebutnotrightnow
Comment posted July 16, 2010 @ 4:43 pm

If you can't do your job (Geithner) make sure they won't hire someone (Warren) that can, will and has pointed that out.
That's job security in DC.


bearclaw
Comment posted July 16, 2010 @ 5:28 pm

Elizabeth Warren is incredibly intelligent, knowledgeable, poised, articulate, persuasive, and committed to protecting the interests of working Americans over the interests of financial elites. She is, in other words, everything Timmy Geithner is not.


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Pingback posted July 16, 2010 @ 7:01 pm

[...] Geithner Opposes Warren for CFPB « The Washington Independent [...]


Why Is Geithner Opposing Key Architect of Wall Street Reform?
Pingback posted July 17, 2010 @ 1:45 am

[...] Progressives Love Warren  Annie Lowrey at the Washington Independent explains: “She devoted her career to studying how the modern [...]


The Geithner/Warren Question : Lawyers, Guns & Money
Pingback posted July 17, 2010 @ 12:22 pm

[...] response to reports that Tim Geithner is trying to scotch Elizabeth Warren’s appointment to the Consumer [...]


Who Will Obama Choose to Protect Consumers? | Rubber Donkey.org
Pingback posted July 18, 2010 @ 8:43 pm

[...] With the new Consumer Finance Protection Bureau mere days from being created when Obama signs financial reform into law, the question of the day is: who’s going to head it up? The obvious choice is Elizabeth Warren, who’s been its biggest champion from the very start. Annie Lowrey: [...]


Elizabeth Warren is the only right choice to head the CFPB » Thinker's Jam
Pingback posted July 19, 2010 @ 7:00 pm

[...] From the beginning of the effort to “reform” Wall Street, President Obama supported the formation of the CBPB. In the face of conservative attacks attempting to place blame for the subprime disaster on the average people who overleveraged themselves, Obama stood fast and promoted an agency that would prevent lenders from misleading and otherwise abusing unknowledgeable borrowers. But where President Obama has been stringent in his support for the CFPB, Elizabeth Warren is its intellectual mother. [...]


Elizabeth Warren is the Only Right Choice to Head the CFPB » Thinker's Jam
Pingback posted February 17, 2011 @ 8:54 pm

[...] From the beginning of the effort to “reform” Wall Street, President Obama supported the formation of the CBPB. In the face of conservative attacks attempting to place blame for the subprime disaster on the average people who overleveraged themselves, Obama stood fast and promoted an agency that would prevent lenders from misleading and otherwise abusing unknowledgeable borrowers. But where President Obama has been stringent in his support for the CFPB, Elizabeth Warren is its intellectual mother. [...]


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