My fellow panelist Elizabeth Warren (and boy does it feel good to say that) has continued to receive endorsements from key Senators and editorialists to get the position of director for the new Consumer Financial Protection Bureau. While Tom Harkin’s letter to the President, signed by 12 Senators, endorsed someone “with a track record akin to that of” Professor Warren to serve as director, others are going further. Al Franken endorsed Warren for CFPB director while at Netroots Nation, and on the panel Sen. Jeff Merkley said he has talked to the White House about Warren’s nomination. Merkley made the important point to Sam Stein that, because the Dodd-Frank law isn’t really a law but a promise to write a law later, having the right regulators doing that writing is of central importance:
For Merkley, the case for Warren is not just about the individual attributes she’d bring to the post, but also the various shortcomings of the just-passed regulatory reform legislation. A leading proponent of stricter rules to clamp down on the financial services industry, Merkley acknowledged feeling trepidation that the final legislative product left too much power to the judgment of the regulators. Having a strong advocate in a key post, in short, had become a vital ingredient to the legislation’s success. Warren, he said, would be that type of regulator.
Sen. Tom Udall, who didn’t sign the Harkin letter, has gone even further, writing specifically to the White House and endorsing Warren as “the most qualified person to lead the agency.” Udall touts her work on the Congressional Oversight Panel monitoring TARP (in which she has been a thorn in the side of, among other people, Tim Geithner), and her “demonstrated passion for defending the needs of everyday working families… Should you decide to nominate her to lead the Bureau, it will be a clear sign that the Bureau will be a champion for the American consumer, will stand up to unscrupulous actors and will not shrink from fulfilling its mission under pressure.”
At Netroots Nation, Udall told me that Harkin’s letter didn’t go far enough for his taste, so he decided to write his own. He feels strongly that only Warren can make the agency into a powerhouse.
The New York Times editorial board threw its weight behind Warren in a spotlight editorial on Sunday, saying that “The banks don’t oppose Ms. Warren because she doesn’t get it. They oppose her because she does.” The President said on Friday on Good Morning America that “I have the highest regard for Elizabeth.” And Robert Gibbs reiterated at today’s daily briefing that Warren would be “very confirmable” for the CFPB.
Binyamin Applebaum at the NYT tried to make the case today that Warren would create a “partisan divide,” but privately, I’ve heard that some Republicans might not be so keen on blocking a consumer protection advocate, and even might want to stick it to Geithner in some ways by confirming Warren. In addition, Republicans actually quoted Warren on the Senate floor during the small business bill debate last week. If Republicans want to sign on to the views of this bank lobbyist, go ahead:
“Not that she’s not competent. Goodness gracious, I would never say that. She’s exceptionally bright. We just fear what she might come up with,” Mr. Beverage (head of the Oklahoma Bankers Association) said. “She’s a partisan and she’s bull-headed and she’s opinionated. And she’s terrific. She’s a great advocate. We just respectfully disagree with her view of the world.”
And we respectfully disagree with the view of the world of the heads of banking trade groups.
UPDATE: I’m not trying to intimate that Sen. Udall disfavored Sen. Harkin’s letter, just that he wanted to be specific about Warren’s nomination rather than someone with the same track record. Hopefully that was clear.




36 Comments

Support this site!
Subscribe to the newsletter
Advertise on Firedoglake
Send
us your tips
Make us your homepage
About FDL News Desk
Gibbs is blowing air. I don’t trust him.
I was ecstatic when Ms. Sherrod said that she’d like to talk with Obama to see if they held common values (and then later said that he needed to come down to Georgia and spend some time with “plain folks” though that may not have been her term. My thought was that she needed to give him a values test he couldn’t/wouldn’t back down from: Make sure that Warren is chosen as director for CFPB. If she is not chosen that will be the absolute FINAL STRAW for me with this administration.
Secondly, I’ve been wanting to say to you, David, that I am awe of your incredible output service to FDL; I am overwhelmed by the volume of your very competent coverage both in terms of quality and quantity. I can seldom read more than one or two of your reports over against a very few other favorites, as I can’t handle prolonged time at the PC because of my disabilities. But I want you to know that a “distant/silent” fan of yours salutes you and wants to praise your name and thank God for your work.
Thanks especially for your comments on the HAMP program. That whole reality really pisses me off; just one more contemptible thing of this administration’s absurdities.
Blessings
Hi all,
I’ve been reading for many years but this is my first comment — & it’s OT — sorry!
Someone (SpanishInquisition maybe?) said in the HAMP thread that in the next election, rather than vote for a Democrat he/she might write-in Jane. That’s such a great idea! What about it, Jane?
How great would it be to have an FDL candidiate?
If I’m right, you can say you heard it hear first. If I’m wrong, I’m wrong.
But
My intuitions are that Obama will not announce a candidate before the August recess and that he will recess appoint Warren and tell her to get it moving before October. And generate news stories as regulations are written and the agency is put into place.
At Netroots Nation, Warren talked about this agency being the first one constructed from scratch in the internet age. That means there are not legacy systems, no existing organization, and not traditional ways of doing things that have to be negotiated. So, give me an estimate. How quickly can you stand up a consumer protection agency from scratch — hiring, training, IT and everything else — and get draft regulations listed in the Federal Register? How much of this is likely set up and ready to roll, even in some moderately imperfect form?
No, those are not rhetorical questions.
Welcome to the Lake. Don’t be a stranger.
Jane for prez ain’t a bad idea but she’s smarter than that.
I would imagine Warren has run those through her mind and has a plan to put them into effect IF she’s appointed/confirmed. Having to judge from Obama’s other appointments she doesn’t come close to being the neoliberal Obama seems to favor over all else.
If he recess appoints her, she doesn’t have to be a neoliberal. A lot of those appointments were designed to get through the Senate. And if she can perform so as to turn the tide in November, he doesn’t have to worry about reappointing her in January. And if Democrats lose control in November, he doesn’t have to worry about reappointing her period.
I expect there’s more out there ready than just her thinking. They rolled a fair amount of visible stuff out after the recovery act was passed.
If I were doing it, my first move would be to set up a website and ask the public to log complaints about financial industry entities that should be addressed. That could seed the regulation writing, since the director of that agency has broad powers.
Citizen SouthernFragon:
“Jane for President but she’s smarter than that.”
And half the audience here would start throwin’ shit bombs at ‘er for encouragin’ everyone includin’ Democrats to vote for ‘er…seriously though, do ya think that anyone out there is beginnin’ ta get it that the battle for progressives is to shift power from the executive to the congress? Think about it, with a weak, “centerist” President and an activist congress with a good solid progressive caucus in the House, politics in this country would change over night AND with power in the congress it wouldn’t be hard ta get folks to the polls even in off years. (And it doesn’t take huge numbers in any caucus to effect real pressure on the leadership.)
That’s just it, she’s not a neoliberal. All of Obama’s appointees having anything to do with finance/economy have been staunch advocates of Friedman’s failed free market theories. That said, she may well be the only person he appoints that has the support of the left, tryin’ to settle us down and buy us off.
There is no one with a track record ‘akin’ to Elizabeth Warren. It’s she, and only she, who can provide the leadership this fledgling agency will need at inception. Writing a letter asking Obama to appoint someone ‘akin’ to her is chickenshit Democratic partisan letter-writing: the bastard cousin to the strongly-worded letter.
Shame on Harkin. Whatever happened to him?
Nice to see ya.
Control of the House by “progressives” has been what I’ve worked on for the last umpteen years. If we can control the House we can control what goes on throughout the govt.
Now you’ll never stop! *g*
All of us were in your shoes once; waiting for the right moment to put our own pixels and fonts in the thread. Thanks for taking the plunge, and welcome.
He got old and comfortable.
David Dayen is a force of nature. FDL is so lucky to have him.
*g* worse than cigarettes
And that’s my point. All of Obama’s appointees so far have had to go through Senate confirmation. Having a neoliberal made confirmation easier. Recess appointing her eliminates that constraint.
Citizen SouthernFraggon:
Come on Brother Fragger, if he lets her in the position to “buy us off” he’s not jest gunna have the nose a the camel in his kitchen, he’s gunna hafta deal with the whole damned thing. I been sayin this for months now and everyone is too damned busy tuggin’ on their forelocks and whinnin’ about bein shut out of power to understand that if Rahm caves in on ANY issue or ANY appointment it’s over for the corporatists. And furthermore, Obama may be a corporatist empty suit but he ain’t stupid and he is only interested in savin’ his scrawny political ass…if he throws Warren out there as a sop to the left he opens a hole in the wire for progressive congresscritters to plant satchel charges.
Obama’s a neoliberal. We’ll see.
I can’t argue with that, bro.
Citizen Teddy Partridge:
“David Dayen is a force of nature. FDL is so lucky to have him.”
Afuckinmen!! And he’s got great instincts and good relexes but his knees don’t jerk.
Obama is a Reagan Republican. IMO
Amen.
That’s a neoliberal. I highly recommend A Brief History of Neoliberalism by David Harvey
The core of neoliberalism is the free market theories of Friedman, the hub if you will. All spokes extend from the hub.
I am all alone in this assessment. But I think this “Bureau” is doomed from the start. I can’t say just how Timmy and the other assholes at the Treasury and the Fed will fuck it up and neuter it, but they will.
Sorry to be so pessimistic. While I agree with the campaign to force Barry’s hand to appoint her, I would hope she would turn it down, if it’s offered.
read my other post. I’m looking into this possibility.
Nothing ventured, nothing gained. Warren just might be the type to stand up to Geithner in public if he starts to fuck with the “Bureau.”
So let’s say Warren does get appointed. Do the guys marginalize, trivialize, attempt to cop-opt her and, if that don’t work, break her knees? (Metaphorically speaking, of course.)
Agree with Norske. Rahm can NEVER lose. Obama will not appoint her.
You guys crack me up. You understand what kind of people think they know everything, don’t you?
I don’t know how many have seen this, but I suggest watching this Frontline show titled “The Warning”. Pay special attention to the treatment of Brooksley Born (who warned against the dangers of derivatives) by Larry Summers and others.
Frontline – “The Warning”
Yes, I did see The Warning, Speak. And my hunch is that Warren would get Brooksley Bourne’d in a hurry. On the other hand, Warren herself would see that coming and be prepared. We could pop the popcorn and watch the fight. If someone will hold the money, I will bet that Warren, though she may get beat up bad, will not give in.
Having seen the treatment of Brooksley Born may be a major advantage for Elizabeth Warren in addition to her ability to speak out.
The plethora of “Warren’s got it in the bag” posts in ye olde bloggy sphere is saddening. This is OBAMA we’re talking about here. No way will he appoint her.
Hey there TJ, long time no see!
yeah, I just can’t see it happening.
Warren might get herself a wonderful, other appointment, but this I simply cannot see.
Warren does not have it in the bag, but in her keynote at Netroots Nation, she took care to credit Obama for making sure that the Consumer agency survived, and she praised what it could do. She is articulate, and something of a bulldog. She has also proved herself to be a better infighter than most people give her credit for.
Warren’s keynote was passionate and articulate. She started off by talking about previous historical economic cycles, and what her parents and grandparents had to work through (strangely similar to mine). Even though she’s a Harvard professor, she doesn’t talk like one, unless she wants to. If she had a face to face debate with Timothy Geithner, my money would be on Warren.
Besides, with someone who has the initials EW, what’s not to like? *g*
Bob in AZ
please help me understand how a truly progressive House would neutralize the power of an unreformed senate?
And what are the chances that the Senate will really be reformed?
Last year the House was pretty much on track to what I would righteous goals on HCR, but they were emasculated by the Senate and Obama. Needs to be across the board.
Thanks Teddy for picking up on the praise to David. You’re also one of the great ones.
Blessings to all,