Elizabeth Warren Under Consideration For Interim CFPB Chief (updated)

[ProSense]

Ryan Grim

Elizabeth Warren Under Consideration For Interim CFPB Chief

The White House is considering tapping Harvard professor and consumer advocate Elizabeth Warren to be the interim director of the Consumer Financial Protection Bureau, a source familiar with the White House deliberations told HuffPost.

Such a move would allow Warren to begin setting up the agency immediately and prevent the GOP from filibustering her nomination. She could serve until Obama nominates a permanent director -- a nomination he's not required to make, meaning that Warren would be able to serve indefinitely with the full powers of the director.

Obama could also name Warren as the permanent director following an interim appointment, which would give the Senate an opportunity to debate her selection.

The ability of the administration to nominate an acting director indefinitely, avoiding a lengthy confirmation battle, was first reported by HuffPost's Shahien Nasiripour in July. American Banker is also reporting that Warren is under consideration for the interim position.

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Too sweet!


Updated to add this from the WSJ: White House Mulls Interim Role for Elizabeth Warren at Consumer Agency

WASHINGTON—The White House is considering appointing Harvard Law School Professor Elizabeth Warren to an interim role to help set up a new Bureau of Consumer Financial Protection, people familiar with the matter said, a move that would give Ms. Warren a role at the agency without having to go through what would likely be a tough Senate confirmation battle.

No decision has been made, however, and it's possible the White House could either appoint her to the job permanently or pick someone else to run the agency, these people said.

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The CFPB, as it is known, was created to police mortgage and credit card lending and would have broad powers to examine the country's largest banks. Many Republicans opposed the agency's creation, arguing that it could lead to a contraction of credit across the country.

A White House spokeswoman said: "Elizabeth Warren has been a stalwart voice for American consumers and families and she was the architect of the idea that became the Consumer Financial Protection Bureau. The President will have more to say about the agency and its mission soon."

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Republicans opposed it, now they want a say in who runs it.