Larry Summers helped sink Elizabeth Warren’s nomination to head new consumer bureau [View all]
Source: Rawstory.com
Former White House economic adviser Larry Summers helped sink Senator Elizabeth Warren’s (D-MA) nomination to head the Consumer Financial Protection Bureau in 2010. Summers’ opposition to Warren was reported by The Boston Globe on Wednesday and two former Obama administration officials confirmed the story to The Huffington Post.
Obama appointed Warren in 2010 as a special adviser to oversee creation of the new bureau. She was a favorite among progressives and Obama had considered nominating her to head the CFPB.
Warren’s potential nomination faced strong opposition from Senate Republicans, as well as from Obama’s economic advisers. Both Summers and Treasury Secretary Timothy Geithner opposed her nomination. Obama ended up nominating former Ohio Attorney General Richard Cordray in 2011, but praised Warren for her work.
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Obama is currently considering nominating Summers or Federal Reserve vice-chair Janet Yellen to replace Federal Reserve chairman Ben Bernanke. Warren has publicly endorsed Yellen.
Read more: http://www.rawstory.com/rs/2013/08/07/larry-summers-helped-sink-elizabeth-warrens-nomination-to-head-new-consumer-bureau/
And this guy wants to run the Fed? No Fucking Way.
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