Frank Pushes for Warren for CFPB
Speaking on MSNBC yesterday night, Rep. Barney Frank (D-Mass.) pushed for the Obama administration to choose Elizabeth Warren — a Harvard Law professor and the current head of the Congressional Oversight Panel over the Troubled Asset Relief Program — as the head of the new Consumer Financial Protection Bureau. The new financial regulatory reform law signed by President Obama on Wednesday created the CFPB, a rule-making body for consumer products, and the idea for it is Warren’s.
I need people to understand she’s not a zealous advocate but a very smart operator. Sometimes people think those are separate. That if you care a lot about an issue, you’re not going to be effective in putting it forward. I never had a better partner on a tough fight than I had in Elizabeth Warren. Her knowledge is great. Her compassion is great. She stands out as the person who ought to be running that agency.
He also noted:
I sympathize with President Obama. He’s been criticized by some of my liberal friends. We didn’t get a public option and other things we wanted. That wasn’t his fault. The economic recovery bill, the stimulus, it wasn’t as big as it should have been. That wasn’t his fault. He couldn’t get the votes. With regard to appointing Elizabeth Warren, that’s his decision. No one can stop him from making it. I hope he will appoint her.
And Treasury Secretary Timothy Geithner, without outright supporting Warren, had warm words for her this week as well:
She represents to a large part of the country — not just people caught up in the damage of the crisis, but people who view this system as being fundamentally broken — she represents, again, one of the most compelling advocates for reform.