Two Confirmed to Open Federal Reserve Slots

By: Thursday May 17, 2012 1:40 pm

The Senate has confirmed Jerome Powell and Jeremy Stein as members of the Federal Reserve Board of Governors, marking the first time ever in the Obama Administration’s tenure that there are a full slate of seven governors serving. The vote resulted from compromise. Stein, a Harvard professor and Democrat, was confirmed 70-24, and Powell, a [...]

Senate GOP Obstructs Richard Cordray Confirmation for CFPB Director

By: Thursday December 8, 2011 8:15 am

The Senate failed to secure cloture this morning on the nomination of Richard Cordray for director of the Consumer Financial Protection Bureau. The final vote was 53-45. There was some concern that some conservative Democrats would abandon Cordray as well, despite the impeccable credentials and bipartisan support among state Attorneys General. But that didn’t materialize. [...]

White House to Nominate Two to Fed Board of Governors

By: Friday August 12, 2011 1:30 pm

I don’t think there’s been a complete slate on the Federal Reserve Board of Governors during the entire Obama Administration. But that would end if they somehow got these two economists past the Senate for confirmation. The Obama administration has identified two economists, one Democrat and one Republican, for two empty seats on the seven-member [...]

Consumer Financial Protection Bureau Launches Today

By: Thursday July 21, 2011 11:05 am

The Consumer Financial Protection Bureau opens for business today. It’s an agency with a simple idea: protect consumers from getting screwed in their financial dealings on credit cards, student loans, mortgages, payday lending, bank dealings, etc, etc. Some of the agency’s powers will not be transferred today, because it does not have an official Director. [...]

Financial Regulatory Appointments Eyed by White House

By: Saturday June 11, 2011 5:40 am

The White House appears finally ready to make a number of financial regulatory picks, readying nominees to replace the heads of the FDIC and the OCC, who have left or are in the process of leaving. This is added to the speculation about Raj Date as the first director of the Consumer Financial Protection Bureau. [...]

Lack of Leadership, Continued Power of Banks Crippling Financial Reforms

By: Tuesday June 7, 2011 8:16 am

Tim Geithner laments the “personnel gap” that has come about, with multiple members of the economic policy and financial regulatory team all leaving their posts around the same time. The federal government faces huge gaps of leadership in economic and financial policymaking, with about a dozen senior positions vacant or staffed by temporary caretakers, at [...]

Peter Diamond Withdraws Fed Governor Nomination

By: Sunday June 5, 2011 5:22 pm

As Scarecrow pointed out, fiscal policy isn’t changing to reflect the reality of a too-slow recovery and unemployment crisis, no matter how much the economic picture should force a shift in the President’s calculation for 2012. The message may change (from “Morning in America” to “Don’t Change Horses in Mid-Stream”), but the policies will remain [...]

The New Commerce Secretary Is Here! The New Commerce Secretary Is Here!

By: Tuesday May 31, 2011 10:40 am

President Obama will nominate former Edison International CEO John Bryson to be the next Commerce Secretary, replacing Gary Locke. Locke was nominated as the next US Ambassador to China, in place of Republican Presidential candidate Jon Huntsman. Bryson was the CEO of Edison International, the parent company of the utility company Southern California Edison, from [...]

Obama Seeks Two-Year Extension for FBI Director Mueller

By: Thursday May 12, 2011 10:29 am

President Obama announced that he would prefer FBI Director Robert Mueller to stay on for an additional two years beyond the 10-year term he has already served. Mueller, who became director of the FBI one week before 9-11, would see his term otherwise expire September 4. Here’s an excerpt of the President’s statement. I believe [...]

Senate Rejects DoJ Nominee as Cloture Follies Continue

By: Tuesday May 10, 2011 6:55 am

Last night, Republicans in the Senate blocked a cloture vote for James Cole to become the number 2 man in the Justice Department. Only one Republican, Richard Lugar, voted for cloture. All the others either voted know or stayed away from the chamber, which under the silly supermajority rules is as good as a no [...]

Warren Seen as Likely Pick for CFPB By Bank Trade Groups

By: Tuesday May 3, 2011 11:05 am

Camden Fine, President and CEO of the Independent Community Bankers of America, says that Elizabeth Warren will be selected as the head of the Consumer Financial Protection Bureau shortly. “I think the president is going to feel like he needs to give her a shot,” said Mr. Fine said in an interview at a conference [...]

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