Regulatory capture by the financial services industry is so pervasive, I don’t know that Warren would even be able to get much done. Certainly, she’d be undermined within the agency. But it would be nice to see someone try to protect consumers, wouldn’t it? You can sign CAF’s petition here:
With Senate Republicans committed to blocking all potential directors of the new Consumer Financial Protection Bureau, congressional Democrats are pressing President Obama to accept reality and offer Elizabeth Warren a recess appointment to head the agency she conceived of.
“Regretfully, Republicans in the Senate have now made it clear that they oppose reform,” reads a letter from House Democrats that will be delivered to President Obama.
They have vowed that they will not allow consideration of any nominee to head the CFPB until the bureau is weakened. They would rather hold your appointment hostage and obstruct the process than make sure consumers have a strong advocate on their side.Since Republican Senators have said that no one is acceptable unless the law is weakened, we would urge you to nominate Professor Warren as the CFPB’s first Director anyway.
If Republicans in the Senate indeed refuse to consider her, we request that you use your constitutional authority to make her a recess appointment.
The letter was authored by Reps. Carolyn Maloney (D-NY), Keith Ellison (D-MN), and Brad Miller (D-NC), who are collecting signatures from their colleagues.
The CFPB was created as part of the recently enacted Wall Street reform bill, over significant opposition from Republicans and influential industry players, to protect consumers from predatory financial practices. President Obama appointed Warren to stand up the agency in an advisory capacity ahead of the 2010 election. But it will soon migrate from the Treasury Department to be housed within the Federal Reserve, and will need Senate-confirmed director to officially run the show. Because of objections from Republicans, financial services lobbyists, and even some Democrats, Warren was thought to be unconfirmable, and thus not a likely candidate for the nomination.
However, Senate Republicans recently gave Obama a way out. Almost every one of them signed a lettervowing to block any nominee — even a Republican one — until Democrats agreed to weaken the bureau by statute.