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Ear to the Ground

Elizabeth Warren Out, Another Bank Critic to Lead Consumer Agency

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Posted on Jul 17, 2011
Robert Scoble (CC-BY)

Fearing a tough confirmation fight, the Obama administration has decided that Elizabeth Warren will not head the new Consumer Financial Protection Bureau. Instead, the White House will nominate Richard Cordray, who was already selected to be the agency’s top enforcer and who, in his previous gig as Ohio’s attorney general, had put himself on the map by suing big banks.

Warren, the Harvard law professor who has been setting up the agency, was the choice of progressives because of her willingness to confront powerful financial institutions. She is rumored to be considering a 2012 Senate campaign against Scott Brown, the Republican who currently occupies Ted Kennedy’s seat in that chamber.

Because the CFPB is a new institution, its first leader will play a crucial role in establishing its reach and power. The organization was created by the Dodd-Frank financial reform law, and may be our best hope for functional regulation to emerge from that watered-down bill. Rep. Barney Frank, D-Mass., one of the two key sponsors of the legislation, called Cordray the second best choice behind Warren to lead the consumer protection agency.  —PZS

Boston Herald:

The White House appointment of former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau won praise from U.S. Rep. Barney Frank, but the Newton Democrat still prefers Elizabeth Warren.

“It’s the second best appointment the president could have made,” Frank told the Herald yesterday. “But Cordray has a very good record protecting consumers.”

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By Jim Yell, July 19, 2011 at 8:02 am Link to this comment
(Unregistered commenter)

Every reason I had to vote for Obama has been proved an error by the actions of Obama. Here again he plays to the Republicans and defrauds those who voted for him. We need a new progressive party that actually means what it says. The Democrats and Republicans might as well merge, they both serve the same masters and neither serves the citizens.

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PatrickHenry's avatar

By PatrickHenry, July 18, 2011 at 5:24 pm Link to this comment

What a shame, she was the right person for the job.

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By Berne Mills, July 18, 2011 at 2:27 pm Link to this comment
(Unregistered commenter)

Why do Americans continue to sabotage themselves? They find a good man (good
woman in this case) to do a job and then realize that person can’t be controlled or
has too good of an idea how to help fix things and the money/greed gets in the
way. So sad, how many more years before the great Empire is a shambles? One-
two. Nero fiddled while Rome burned.

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Robespierre115's avatar

By Robespierre115, July 18, 2011 at 12:03 pm Link to this comment

This is yet another case of Obama sucking Wall Street’s d—k.

This excellent piece in today’s Counterpunch explains:

http://www.counterpunch.com/amato07182011.html

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By Roy Davis, July 18, 2011 at 11:59 am Link to this comment
(Unregistered commenter)

Dawn Johnsen anyone?  Anyone?  Ferris?  Public option?  anyone?  Guantanamo
closure?  anyone?  Bush Tax cuts?  Government secrecy?  Revised labor union laws?
Secret prisons or black sites?  etc. etc. etc.

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By Ed, July 18, 2011 at 11:19 am Link to this comment
(Unregistered commenter)

As an attorney who has done both collection law and bankruptcy work for 32 years I am disappointed that Professor Warren will not lead the agency. She understood the issues well and and could simplify them so a non attorney could understand them. A loss for consumers.

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prisnersdilema's avatar

By prisnersdilema, July 18, 2011 at 6:36 am Link to this comment

Another betrayal, another stab in the back….by that gutless wonder in the white house..It
hurts my eyes to look at him anymore…

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By SoTexGuy, July 18, 2011 at 5:10 am Link to this comment

Why would Warren take that job at this point anyway? It’s been made clear she won’t have the backing of the Obama and the Administration. Especially if she attempts real reform of or intervention in dangerous and parasitical business practice. And she’d be the punching bag for lunatic Republicans in Congress and
Government crying about evil Big Government.

We lose again.

Adios!

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