Harvard law professor Elizabeth Warren will take a lead role in setting up the new Bureau of Consumer Financial Protection, following her appointment by President Barack Obama as assistant to the president and special advisor to Treasury Secretary Timothy Geithner.
Warren, who touted her idea for a Consumer Financial Protection Agency during the 2009 ACS National Convention, was a top contender to lead the new watchdog agency, but opposition by Republican senators suggested a difficult confirmation battle, The Wall Street Journal reports. As advisor to Geither, Warren will have a hand in designing the agency and establishing its mission.
"This appointment allows the administration to skirt the [Senate] confirmation process while keeping Warren involved in the agency. It also doesn't preclude her from being nominated as bureau chief later on--though some contest that point," reports The Atlantic.
The downside is that "piqued Republicans are even less likely to support her in a future Senate battle, meaning this temporary appointment might come at the cost of a permanent position. And won't potential employees be reticent to join the agency when they don't really know who their actual boss will be?" writes Ezra Klein for The Washington Post.
President Obama was asked during a press conference last week whether he was worried about getting Warren confirmed if he appointed her to head the agency. "I am concerned about all Senate nominations these days," he said. "...They're just playing games. And as I think Senator Voinovich said very well, it's time to stop playing games."
The Atlantic offers more perspectives on the appointment here.
Watch Elizabeth Warren's 2009 ACS speech and on the importance of a consumer financial protection agency below, and share this link containing her remarks with others.
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