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The Dodd-Warren Rift: President Obama Can you Hear Me?

posted by Nathalie Martin
With even Dr. Phil coming out in favor of Warren for CFPB head, Chris Dodd very much opposed and waffling about why, and a new rap video about Professor Warren going viral, according to an article in the New York Times, Americans are waiting to see what the President will do. I agree with readers who say this’ll take some courage, but Mr. President,you wouldn't ignore Professor's Warren's record and instead listen to Senator Dodd, would you? That wouldn't make much sense. By the way, I am not friends with Elizabeth Warren (unlike Dr. Phil apparently and many of my co-bloggers) and have never given a dime to any political campaign.  Differences in world view aside, no one can claim this Harvard law professor is not the most qualified. The CFPB is a reality now and going to be staffed, no doubt at very significant expense. If we are going to do this, and I guess we are, why not give credit-crushed consumers (see Aug. 21 New York Times article) good value for their money and appoint someone who will most swiftly and efficiently fulfill the mission (and namesake) of the bureau. In this instance in particular, shouldn't we get our money's worth?  

Comments

Yay!!! Hear, Hear!!!! A clink of two Heineken bottles to that one. Let's get America at least halfway back on the damned train track President Obama. Don't kill what's left of the dwindling hopes we have in your Presidency. Get on the stump for Miss Warren ASAP Sir.

Does anyone know the earliest date Ms. Warren (or someone else) COULD have been appointed?

I'm starting to get the impression that they are delaying this until they think it's off everyone's radar screen, so they can appoint someone else.

Or they may even be planning to leave the position unfilled as long as possible (years, even?).

Several articles at the end of July quoted the Treasury Secretary as saying that, in the absence of a confirmed CFPB director, it was his role under the law to "stand up" the new agency as soon as possible and that he met with leaders of seven or eight of the federal financial services related agencies about moving forward according to the schedule laid out in the legislation. Potentially the worst part was that it sounded like a continuation of revolving-door syndrome and "capture" syndrome at their worst. To get things moving quickly, more "wall street experts" would be needed as soon as possibly, and, at the very least, the Secretary would commandeer (or borrow) employees from the financial services related agencies. It is not clear that this is the way to go, particularly in that some of the other agencies which have successfully operated under the media radar within complex credit transactions, financial services and customer service realms were left off of his list -- USDA, HUD, VA and Education.

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