Friday, August 27, 2010

WSJ on Elizabeth Warren's Inside Track

WSJ's Damian Paletta writes:
White House advisor Valerie Jarrett is playing a central role in the Obama administration’s deliberations over whom to pick to run the Bureau of Consumer Financial Protection, two people familiar with the matter said.

Jarrett’s involvement could bode well for Harvard Law School professor Elizabeth Warren, considered a top candidate for the potential job. Jarrett and Warren have met multiple times in the last year and are considered to be close.

They lunched together on July 21, the day President Barack Obama signed the financial-overhaul bill into law. They met again at the White House a few weeks later, along with David Axelrod, another White House advisor.

Warren, Jarrett, and Axelrod also met in January on the day before the White House announced its plans to push for stricter curbs on banks.

An administration official didn’t dispute Jarrett’s role, but said she was part of a team of officials engaged in the search.

“The process is being run by a combination of senior advisors including Valerie Jarrett and [White House senior advisor Pete Rouse and key members of the economic team Larry Summers and Tim Geithner,” the official said.
A Federal Reserve employee told me that most of the worker bees that will be working at the Consumer Financial Protection Bureau have already been ID'd from similar agencies already within the Fed. "She won't have that much impact outside the guidelines of her mandate."

I told him that to me she looks like a one woman wrecking crew that has no idea what guidelines mean. I mentioned that she somehow managed to study and include in a TARP oversight role the topic of nationalizing the banking system. He told me that it was her duty to look at extremes. I asked if what she was doing is looking at extremes, and not just looking at nationalizing the banking system, why didn't she look at the other extreme, free banking.

He didn't reply, then told me she is real smart. I replied, "That's the worst kind of interventionist."

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