The latest gossip, according to American Banker, is that President Obama may name Elizabeth Warren "interim" director of the Dodd-Frank Bill created Consumer Finance Protection Bureau.
"Interim" in this case means, Warren has nowhere near the votes to pass Senate confirmation and Obama doesn't have the balls to name her a recess appointment, so he is going with "interim".
Warren as an interim appointment would not surprise those around the President who view him as a very stubborn passive aggressive. He wants Warren, will stick it to the Senate and passively get what he wants.
WSJ is ranking Warren as "interim" director as an "outside possibility" and appears to lean towards thinking she could be a recess appointment.
Regardless of how she gets in to head the CFPB, if she, indeed, does, consumer banking will be in for a major shock and likely end up a mere skeleton of what it is today. All reports I'm getting on her from top players on Wall Street to Congressional insiders is that she is a combination of stubborn and clueless about finance. Mix in the fact that liberal MSM loves her and that she will have a budget of $400 million and you have to brace yourself for some really nutty schemes from the CFPB if she ends up running the joint. Remember both John Sununu and Paul Atkins resigned as members of Warren's TARP oversight body. I'm hearing that they resigned because she ran TARP as her private fiefdom not willing to consider any views other than her own and blocking out other members as to what she was doing. Obviously, we should expect the same if she gets the CFPB gig.
This end run to the confirmation process makes Warren and the CFPB open up under a cloud. What a way to throw out your legitimacy at the get go.
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