Thirty-nine Democrats, including a substantial portion of the House Financial Services Committee, have signed on to a letter distributed by Rep. Carolyn Maloney (D-NY) supporting Elizabeth Warren to run the Consumer Financial Protection Bureau that will come into being as part of the financial reform bill to be signed today by the President. Warren, a favorite of progressives, invented the concept of a federal consumer protection agency for financial products, yet some reports with anonymous sources say top officials at the White House are resisting naming her to be the first director of the agency.
House Financial Services Committee Chair Barney Frank has signed the letter, along with members of the committee Jackie Speier, Mary Jo Kilroy, Keith Ellison, Luis Gutierrez, Maxine Waters, Brad Miller, and others. The full list is below:
Rep. Luis Gutierrez, Rep. Lloyd Doggett, Rep. Keith Ellison, Rep. Gary Peters, Rep. Jackie Speier, Rep. Brad Sherman, Rep. Rosa DeLauro, Rep. Raul Grijalva, Rep. Nita Lowey, Rep. Barney Frank, Rep. Al Green, Rep. Lois Capps, Rep. John Olver, Rep. Maxine Waters, Rep. Brad Miller, Rep. Jim McDermott, Rep. Earl Blumenauer, Rep. Jan Schakowsky, Rep. Mazie Hirono, Rep. Maurice Hinchey, Rep. George Miller, Rep. Jerry Nadler, Rep. Niki Tsongas, Rep. John Sarbanes, Rep. Joe Sestak, Rep. Martha Fudge, Rep. Marcy Kaptur, Rep. Elijah Cummings, Rep. Peter DeFazio, Rep. Pete Stark, Rep. Zoe Lofgren, Rep. Tim Walz, Rep. Dennis Kucinich, Rep. Rush Holt, Rep. Steve Driehaus, Rep. Lynn Woolsey, Rep. Michael Capuano, Rep. Steve Lynch, Rep. Mary Jo Kilroy
Members of the House Democratic caucus have extended the deadline to the end of today to sign the letter before it goes to the President. For his part, Barack Obama plans to announce a director of the CFPB quickly after signing the bill, according to Deputy Treasury Secretary Neal Wolin.
Wolin also again denied that Treasury Secretary Geithner opposes Warren as the head of the consumer protection bureau, again falling back on the familiar refrain that she is “well-qualified.”
UPDATE: Politico’s Morning Money floated the name of Bill McDonough, a former President of the NY Fed (1993-2003) and an ex-Vice Chair at Merrill Lynch, to head the board. Wow.