Lase week, the Wall Street Journal reported that the administration was having a hard time finding anyone who wanted to take over the Consumer Financial Protection Bureau that Elizabeth Warren has been spearheading since passage of Wall Street reform last year. They may stop looking.
Treasury Secretary Tim Geithner now says that Warren could be the permanent choice.
"Oh, absolutely, and she is doing an excellent job of bringing clear disclosure to Americans so they can make a better choice about how to borrow to finance a home, or how to make sure they can responsibly borrow on a credit card," Geithner said when asked in an interview on Bloomberg TV on whether she remains on the president's list of candidates to run the agency....Senator Christopher Dodd, one of the chief authors of financial reform legislation, questioned last year whether Warren could win enough support to overcome her Republican critics. Dodd retired from the Senate in the fall.
The Obama administration has approached other candidates about the job, including Federal Reserve Governor Sarah Raskin, who has been a former state bank regulator and Senate aide.
The reality is Republicans will probably oppose any candidate the administration proposes. They are particularly hostile to Warren, an extremely effective leader for the agency, but they are nearly equally opposed to the very existence of this agency and have a number of legislative efforts to completely neuter it. Apparently the Republicans are opposed to the agency's mission of "preventing abusive or exploitative practices in home loans, credit cards, and other typical consumer financial transactions."
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