The White House wants financial reform, however cannot seem to hit the mark when it comes to finding leaders for such organizations as the Consumer Financial Protection Bureau and Office of Financial Research, writes CNBC. Elizabeth Warren is having a difficult time placating GOP critics, and candidates for the OFR post have been dropping like flies. Without clear leaders at the helm, both groups will fail to fulfill their promise. Source for this article – CFPB directorship post in doubt for Elizabeth Warren by MoneyBlogNewz.
Asking for consideration to be denied for OFR, Consumer Financial Protection Bureau
The financial information that policymakers have access to, including charge card, cash loan and payday cash loan industry information, could be of much better quality with the Office of Financial Research, started by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The White House needs to come up with a chair for it though. The Office of Financial Research cannot go anywhere without it. Such high-profile candidates as Yale economist Robert Shiller (of Case-Shiller Home Price Index) have excused themselves from White House consideration because they think the six-year commitment and Washington war games aren’t worth the hassle.
An anonymous source close to the appointment process told CNBC that the OFR post needs a very particular type.
The position “needs a tough-guy-like attorney" who isn’t afraid of dogfights, said the source.
Check your radical pro-consumer agenda at the door
Republican critics of Warren claim that she’d be inappropriate for the office of Consumer Financial Protection Bureau director due to a "radical pro-consumer agenda" that would drown every consumer financial industry from charge card businesses to payday cash loan providers in penalty fees. Several Republicans, Democrats and Independents are worried about Warren getting appointed although President Obama has Prof. Warren in charge of the search.
It would be "a terrible adulteration of the process" if Warren were appointed to the CFPB position according to Sen. Judd Gregg (R-NH), states ABC News. Such big-budget power (estimated as high as $500 million) in the hands of an appointee that can operate outside the bounds of Congressional oversight is unacceptable, said Gregg.
"My concern is that she would use the agency for the purposes of promoting social justice versus for the purposes of promoting better credit and having a stronger financial system," said Gregg.
Desire is that Richard Shelby can be there, for Republicans
Republican preference to head the CFPB would be senior GOP member of U.S. Senate banking Committee, Republican senator Shelby. Shelby opposed putting Peter Diamond, Nobel Prize-winner, on the Federal Reserve Board while vetoing the nomination of Joseph Smith to the Federal Housing Financial Administration, reports ABC News. Shelby is against Democrat-favored appointees. That is for certain.
Information from
ABC News
blogs.abcnews.com/thenote/2010/09/sen-gregg-elizabeth-warren-will-pursue-social-justice-agenda-in-new-post.html
CNBC
cnbc.com/id/41899062
Credit.com
credit.com/blog/2010/11/new-watchdog-gives-sneak-peak-at-her-agenda/
‘Consumers need a cop on the beat’
youtube.com/watch?v=2UCWIyOQpes
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