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Elizabeth Warren appointed White House 'consumer czar'

Updated: 2:42 p.m.

By Ariana Eunjung Cha

President Obama announced the appointment Friday of Harvard law professor Elizabeth Warren to be an assistant to the president and oversee the creation of a new consumer financial protection bureau.

Speaking at the Rose Garden, Obama called Warren "one of the country's fiercest advocates for the middle class" and said she will "oversee all aspects of the bureau's creation" and "play a pivotal role" in picking her successor.

The decision to name Warren, the first to call for the creation of such a bureau, to the temporary job has been widely seen as a compromise aimed at avoiding a potentially bruising Senate confirmation.

Warren has become a heroine among many Democrats -- though by no means all -- and unions for her willingness to openly criticize investment banks for their lending practices in her role as the head of a congressional oversight panel overseeing the government's bailout of troubled financial firms. Warren's supporters pressed the White House to name her to lead the agency.

But many Republicans and those on Wall Street opposed Warren's possible nomination, arguing that her aggressive views on regulation of financial firms could lead to a contraction of credit.

"The Consumer Financial Protection Bureau will be a watchdog for the American consumer," Obama said.

Warren will also advise the president on policies and programs that are designed to protect the financial interests of middle class families.

The Bureau of Consumer Financial Protection is the centerpiece of the financial regulatory overhaul bill that was signed into law in July. It has broad powers to prevent abusive and deceptive practices among companies that issue mortgages, credit cards and other financial products.

While nominally under the supervision of the Treasury Department, the bureau will consolidate employees and responsibilities from a number of other agencies. Its budget could be as large as $500 million.

Treasury Secretary Timothy Geithner recently wrote to fellow regulators that the target date for the transfer is July 21, 2011, the one-year anniversary of the signing of the financial overhaul bill.

Outgoing chairman of the Senate banking committee, Chris Dodd (D-Conn.), had threatened to "defund" the agency if Warren were appoint to head it on an interim basis and bypass Senate confirmation. On Friday, he praised her as a "strong, qualified, and terrific watchdog" and urged President Obama to appoint a new head quickly.

"Until a director is at the helm, this new bureau will not have the teeth that it needs to put strong protections in place, and could leave the entire bureau in jeopardy," Dodd said.

Republicans, meanwhile, raised questions about scope of Warren's job at the White House.

Darrell Issa (R-Calif), the ranking member of the House Committee on Oversight and Government Reform, and Spencer Bachus (R-Ala.), the ranking member of the Financial Services Committee, sent a letter to White House Counsel Robert Bauer raising questions surrounding the "unusual arrangement" of her appointment.

They demanded the White House detail her specific responsibilities and supervisory authority, which agency will pay her salary, and where she will file her financial disclosure statement.

Obama "is undermining Congressional oversight while giving her substantive authority over the CFPB. This is unprecedented..." they wrote. "For the next ten months, it appears the CFPB will exist in a murky status that seems designed to obstruct Congressional and public scrutiny of its operations."

In a blog entry posted on the White House Web site early Friday, Warren said the new bureau "is based on the simple idea that if the playing field is level and families can see what's going on, they will have better tools to make better choices."


"The new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market. The time for hiding tricks and traps in the fine print is over," Warren wrote.

However, Warren continued that "nobody has ever thought or argued that the consumer bureau can fix everything."

"Lost jobs, stagnant incomes, rising costs for college, dwindling retirement savings--there's a lot of work to be done," she said, alluding to her yet-to-be-clearly-defined role in the White House to protect middle class families.

MORE FROM THE WASHINGTON POST:

Elizabeth Warren: Get rid of the fine print

By Ariana Eunjung Cha  |  September 17, 2010; 3:00 PM ET
Categories:  Consumer Financial Protection Bureau , U.S. Treasury  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: More about Elizabeth Warren by Elizabeth Warren
Next: Roubini, Zandi: Mortgage defaults as economic therapy

Comments

What took so long? When she becomes permanent, I will switch back from Independent to Democrat again!

Elizabeth Warren ROCKS! She is the only person working for US!

Posted by: Anonymous | September 17, 2010 7:18 AM | Report abuse

Another incompotent agency that the government can't run with any efficiency. That seems to be the answer for the adminastration. More agencies, commissions, departments.

Posted by: dshrader300 | September 17, 2010 7:21 AM | Report abuse

From what I've seen of her, she reminds me of Elliot Spitzer (pre call-girl days).

Not afraid to tackle the biggest abusers. This will be an interesting ride.

Posted by: Anonymous | September 17, 2010 7:23 AM | Report abuse

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Posted by: tomhanks17 | September 17, 2010 7:24 AM | Report abuse

Here is a quality caliber person that will eventually leave seeing that she can get anything done under working under Geithner. That is a common reason why good people continue to leave this administration as they get back down on each approach to change as the administration concerns that it may annoy the Republicans which are the same disease as cancer which only works to destroy the spirits of the American people. This is a sad and Republicans are not PEOPLE OF HONOR!

Posted by: Anonymous | September 17, 2010 7:32 AM | Report abuse

Thats what this government continues to do...GROW AND SPEND...GROW AND SPEND...
THE CLOCK IS TICKING FOR ALL OF YOU...ENJOY YOUR FUN NOW....THE TEA PARTY WILL PREVAIL TO DEFLATE THIS GOVERNMENT THAT TAKES OUR FREEDOMS AND LIBERTY AWAY!

Posted by: Anonymous | September 17, 2010 7:32 AM | Report abuse

seems to me, obama has made her our boss...
depending on ehat powers she has...
she can dictate what we can and can't do...
what we have and can't have...
and she has never worked in the private sector...
to all you dems...
may you get what you deserve...
to black dem churches...
better hope she is not an atheist...

Posted by: DwightCollins | September 17, 2010 7:43 AM | Report abuse

The sound you may think you hear is not 1000 Harvard lawyers paid to find regulation loopholes quaking in their loafers.

You can't beat an unlimited budget, just ask the Drug Czar.

Posted by: gpsman | September 17, 2010 7:52 AM | Report abuse

Has Obama deliberately chosen to undermine Warren by waiting so long to give her this watered-down title? After all, she is more popular now than he is. SHE is the change we can believe in. Warren in 2012!

Posted by: Anonymous | September 17, 2010 7:53 AM | Report abuse

She has go her work cut out for her! The major banking institutions are built upon a culture of greed. Its hard to eradicate sine its starts at the roots.

Posted by: Anonymous | September 17, 2010 8:00 AM | Report abuse

Good news! wish he'd done this as soon as the financial bill passed but better late than never. Now she not only avoids the senate but she can begin speaking out. Nominees have to remain silent. And she can stay in position for the rest of Obama's term which she couldn't if he had given her a recess appointment. BOOM! go the GOP heads.

Posted by: Anonymous | September 17, 2010 8:01 AM | Report abuse

Very exciting to know that a champion of balance will be out there working for us all. Too often we hear from the hunter gatherer/must take a risk so that I can get the reward types that we all must eat off the free range. We hear that a collection of some, not even all of us, at the trough is somehow akin to a DNA defficiency. Lets face it, with the world shrinking by our collective bloat some equanimity will have to be part of the calculus as we carve our posterity.

Posted by: Anonymous | September 17, 2010 8:02 AM | Report abuse

Love the idea of having a tough cop on the block, but not one who hasn't been vetted or approved by the people's congressional representatives. Obama has got to stop his unilateral appointment of these people with so much power without congressional vetting. What an abuse of power from a "constitutional law professor."

Posted by: Anonymous | September 17, 2010 8:04 AM | Report abuse

More than a year after Congress approved $800 billion in stimulus funds, the Los Angeles City Controller has released a 40-page report on how the city spent its share, and the results are not living up to expectations.

"I'm disappointed that we've only created or retained 55 jobs after receiving $111 million," said Wendy Greuel, the city's controller. "With our local unemployment rate over 12% we need to do a better job cutting red tape and putting Angelenos back to work."

According to the audit, the Los Angeles Department of Public Works spent $70 million in stimulus funds and created 7 private sector jobs and saved 7 workers from layoffs. Taxpayer cost per job: $1.5 million.

Posted by: corebanks1940 | September 17, 2010 8:06 AM | Report abuse

Dear Ms. Cha:

You -- and the moron you have for an editor -- should be aware that in the United States we don't have tsars.

Russia had tsars.

Moreover, the tsar didn't run a government bureau, the tsar was a head of state.

Please get it right -- stop this "tsarist" nonsense.

Leon Jester
Roanoke, VA

Posted by: rmlwj1 | September 17, 2010 8:09 AM | Report abuse

It is about time O bama did someting for the middle class.It has been long over due. 1 out of 3, is better than nothing. Summers & Geithner must go before the next national election. Sen.Dodd (lame duck} is complaining. I guess he might not get his banking job in 2011. I see the Senate is mad because they cannot vote on this appointment. That means both parties will not receive their banking lobbys money & tie up this appointment for months on hand.How are they going to make a living. Also most Senators fall in the category of earning way over 250.000 dollars after being in Washington for over 6 years. This will increase their taxes. So you can see how they will vote on tax increases.

Posted by: Anonymous | September 17, 2010 8:20 AM | Report abuse

Yea yea!! I am so happy. Ms. Warren is the best choice.

Posted by: lucavalcanti | September 17, 2010 8:20 AM | Report abuse

One knows that something is wrong when the Snate is ignored.

Yhis is treachery at the highest level, trashing the seperation of powers.

How does anyone not get the treachery of Obama?

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Posted by: Anonymous | September 17, 2010 8:27 AM | Report abuse

Another example of Obama getting around the congressional approval process. It seems the only thing he studied law for was to learn how to get around it. As a Constitutional lawyer he is doing everything in his power to destroy the Constitution. As for Ms Warren the last thing needed in this administration is another academic. Academics do not know the real world which is why this administration is in the bad shape it is in with only academic theories which are all being proved wrong to work with in trying to run this country. Another bad decision. Another arrow in the heart of the Constitution.

Posted by: Anonymous | September 17, 2010 8:33 AM | Report abuse

I applaud the appointment of Warren. Her first loyalty will be to American consumers. This is a welcome change from Bush appointees who did their best to prevent effective industry oversight, shamelessly gouging consumers in the name of "free markets." If you're not doing anything wrong, you have nothing to fear from her. Those who oppose her are afraid that she will prevent them from taking advantage of American consumers. I can't wait to see her stand up for the average American against powerful corporate interests.

Posted by: DoctorB | September 17, 2010 8:42 AM | Report abuse

Yea yea!! I am so happy. Ms. Warren is the best choice.

Posted by: lucavalcanti | September 17, 2010 8:43 AM | Report abuse

Obama appoints another communist tsar. Circumvents the elected officials of the people to achieve his socialist agenda. Another example of why he needs to go in 2012 before he takes the country further into a hole we can't get out of.

Posted by: Anonymous | September 17, 2010 8:46 AM | Report abuse

Incomprehensible, how the power of Wall Street is keeping this woman, an outsider to them, from taking the full job. The so called Senate opposition is nothing else but a bunch of corrupt senators that will do whatever Wall Street money bosses tell them to do. I am sure that as the announcement is made, the forces of financial evil are concocting ways to undercut, preempt, and deflect on her ability to defend the interests of consumers.

Posted by: likovid | September 17, 2010 8:47 AM | Report abuse

The Consumer Financial Protection Bureau is an unnecessary, duplicative layer of government. The functions assigned to it are largely already authorized to other existing regulatory agencies that admittedly dropped the ball in some cases. Why not address those shortcomings rather than add a new agency? The real problem devolves to our broken education system. Graduates should have a working knowledge of credit and personal finance. Sadly, they do not. All financial products have government mandated disclosures, all the information is available to make an educated decision as to what best fits one's personal financial situation. The problem is many consumers are clueless as to personal finance. In typical governmental fashion having failed the populace once through the public education system, we now seek to remedy the problem by adding yet another agency. This is progress?

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Posted by: Anonymous | September 17, 2010 8:48 AM | Report abuse

She's great, and the senators who oppose her are a bunch of paid weasels.

Posted by: alarico | September 17, 2010 8:49 AM | Report abuse

I don't know much about Elizabeth Warren so I won't comment on her potential performance. I am disappointed that President Obama appears to be pushing his own agenda without including our elected representatives in the process where he should be. There does seem to be abuse of power and very little checks in place.

How much time a money was spent figuring out ways for Obama to appoint people to his staff without being vetted? If he doesn't like the system then he should change it instead of figuring out ways to avoid it. People, please go to the polls in every possible election. Vote for Congressional representatives and senators who will provide true transparency and fix the system instead of circumventing it. It doesn't matter if they are GOP, Dems, Tea Party - etc. Vote for who you really believe will act in your best interests.

Posted by: Anonymous | September 17, 2010 8:54 AM | Report abuse

So what was the count yesterday? Was it congress having EIGHTEEN THOUSAND people who were ASSISTANTS in one form or another that WE are paying for? And now 0'bammy is attempting to out spend congress on assitants? I don't care how talented she is, she and all those other csars have to go! WE JUST CAN'T AFFORD IT! What was the last one? "The asian carp csar?? BAH!

Posted by: erodrik | September 17, 2010 8:56 AM | Report abuse

@dshrader3000:

"Another incompotent agency that the government can't run with any efficiency. That seems to be the answer for the adminastration. More agencies, commissions, departments."

Two misspelled words out of 24 ("incompotent"; "adminastration"). Ever heard of the pot and the kettle?

Posted by: Anonymous | September 17, 2010 9:04 AM | Report abuse

I applaud President Obamas guts in appointing someone a person not in cahoots with wall street. I agree that Geitner has to go. Having met Ms. Warren and knowing her background makes me feel more hopeful for the financial future of middle America. Listen to her speak sometime, she knows what she is talking about. You Go Girl!!!!!

Posted by: diane46 | September 17, 2010 9:04 AM | Report abuse

Haven't heard "CZAR" in some time....another attempt to stir discontent by WPost....WPost is big money....owners won't like someone who fights for less fortunate....sooo....WPost will use the power of the press to trash her at every opportunity....

Posted by: josephfranklyn | September 17, 2010 9:14 AM | Report abuse

Haven't heard "CZAR" in some time....another attempt to stir discontent by WPost....WPost is big money....owners won't like someone who fights for less fortunate....sooo....WPost will use the power of the press to trash her at every opportunity....

Posted by: josephfranklyn | September 17, 2010 9:16 AM | Report abuse

So little Timmy G is going to be unhappy about this, but at least he managed to intimidate Mr. O to weaken the oversight as much as possible. O says he wants change--no Gitmo, gays in the military, oversight of big banking--but gee, somehow he always loses his nerve. This is better than nothing; but better still will be one term from O. The Dems better start looking for a replacement STAT.

Posted by: Beckola | September 17, 2010 9:29 AM | Report abuse

Because what the Federal Government needs now is more Statism.

Posted by: Anonymous | September 17, 2010 9:37 AM | Report abuse

WoW! Is it too late for Nancy to start draining the Swamp?

Maxine Waters's aides are expelled from event of Speaker Pelosi's
By Russell Berman -

Three staffers working for embattled Rep. Maxine Waters (D-Calif.) were asked by security officers to leave an event in downtown Washington on Thursday after they tried to display large campaign signs just as House Speaker Nancy Pelosi (D-Calif.) was about to speak.

Maxine Waters, one of the creators of the subprime meltdown.

Posted by: COOLCHILLY | September 17, 2010 9:45 AM | Report abuse

If you've ever watched Elizabeth Warren in any of the hearings, you know she is a tireless advocate for the people as opposed to Wall Street.

She has been the topic on Washington Journal several times; she has overwhelming support from callers of all parties, including Republicans. The Republicans in Congress are the ones who oppose her.

Posted by: Anonymous | September 17, 2010 9:49 AM | Report abuse

Just what we needed:

- Another "Czar"
- Another Harvard professor

Obama is clueless.

Posted by: johnfchick1 | September 17, 2010 9:52 AM | Report abuse

Warren is going to be another major misstep by Obama.He still doesn't get it.

Posted by: vismorge | September 17, 2010 9:54 AM | Report abuse

Are we going to find out later that she didn't pay her income tax, and had an illegal alien as a babysitter or gardner and didn't claim it. Maybe we will find out that she is a homicidal maniac wanted by the FBI. The Obama vetting process is like having your right shoe on your left foot.

Posted by: lori9 | September 17, 2010 10:04 AM | Report abuse

Make no mistake about it. This is no "compromise"; it is a total cave-in to the interests of big multi-national corporations who want to destroy the middle class and bring back feudalism.

Posted by: Anonymous | September 17, 2010 10:09 AM | Report abuse

Obama, once again, circumvents the law. Just another example of his arrogant contempt for the American Constitutional system.

Posted by: Anonymous | September 17, 2010 10:09 AM | Report abuse

Sigh....another ivory tower acedemic. Just what the country needs...anther Harvard law school professor who thinks that they know how to run the world.

Posted by: Anonymous | September 17, 2010 10:12 AM | Report abuse

Imagine if a Republican president went behind the backs of the American people time and time again to appoint his/her folks to positions of power without a vetting process or Senate confirmation. We would all support that like we support the Warren "anointment", right?

Posted by: Charley_XF | September 17, 2010 10:13 AM | Report abuse

Go ahead - start with the "czar"
stupidity all over again....

Posted by: Anonymous | September 17, 2010 10:18 AM | Report abuse

her job next year...
with the new Republican house...
will be to sit in a chamber in the house...
where she will explain her actions to house members...
day after day after day...

Posted by: DwightCollins | September 17, 2010 10:23 AM | Report abuse

Another unvetted, college professor. This has been one of the least transparent and most corrupt administrations in this nation's history.

Posted by: freepost | September 17, 2010 10:24 AM | Report abuse

Um, don't we already have a bunch of agencies (like the FDA) that are set up to protect consumers.

What specific abusive or deceptive practices are credit card companies or banks engaging in?

And why can't the government's existing enforcers (like attorney generals) prosecute those that break laws?

This all smells of another opportunity to use our tax dollars to create government jobs, and we all know that the government is SO efficient at using tax money to create jobs. That's why Los Angeles has spent $111 million of stimulus money to create or retain 55 jobs - at a cost of nearly $2 million PER JOB http://washingtonindependent.com/97766/stimulus-fail

Posted by: aaronoutsider | September 17, 2010 10:50 AM | Report abuse

Why does the Washington Post (and others) continue to use the word CZAR in referring to appointments by President Obama! Know the true meaning of the word and stop it!!!

Posted by: rbsher | September 17, 2010 11:00 AM | Report abuse

I see... many people think that administrative assistants should be confirmed by the Senate. Yes, that looks like smaller governement to me.

Posted by: usblues1 | September 17, 2010 11:05 AM | Report abuse

Oh great! Another Union thug in the cabinet! Just what we need!

Posted by: CaPatriot | September 17, 2010 11:09 AM | Report abuse

Elizabeth Warren saw the Financial Crisis coming when there was time to do something about it. Far sighted people are are rare in any age but they seem especially rare nowadays. In her current role, she has the power to direct resources and the trust of both the President and of Barney Frank. As for Geithner, We will have to see.

Posted by: karenfink | September 17, 2010 11:20 AM | Report abuse

Another radical socialist elitist czar in Obama's administration.

And she'll give more paybacks to the unions?

So what else is new?

Posted by: janet8 | September 17, 2010 11:38 AM | Report abuse

Another Wall Street backer she will steer ever more power to the fat cats. This is all Obama has done he has empowered high powered institutions [Corporations/Banks] with ever more power. This is about tyranny.

Posted by: lastchanceeexit | September 17, 2010 11:45 AM | Report abuse

Excellent choice and a powerful, caring and intelligent woman whose focus is on the American citizens who are ALL facing difficult times. Best of luck, Elizabeth!

Posted by: victoriad | September 17, 2010 12:42 PM | Report abuse

Let's all hear it for 5 YEAR PLANS! ROFLMAO!

Posted by: illogicbuster | September 17, 2010 1:11 PM | Report abuse

Obama again side steps Congressional approval.

The left cheers because it is the evil corporations that is really causing the Congressional resistance.

What do you think the next Republican president is going to do when it comes to Congressional approval?

Go ahead. Tear each other up. That is what they wanted in the first place.

Posted by: TECWRITE | September 17, 2010 1:14 PM | Report abuse

This is long overdue. The major banks don't Compete, they Collude. Much like Big Oil.

Wall Street opposition to Warren's appointment is the best reference she could possibly have for the position. I hope that Senators from both sides of the aisle will understand that this is true, and important.

Support for rules that keep People from robbing Banks is universal. Support for rules that keep Banks from robbing People should be also.

Posted by: OldUncleTom | September 17, 2010 1:19 PM | Report abuse

And to all the arrogant, deceitful, terminally greedy, professional do-nothing obstructionist/traitors of the GOP who don't like this.......TFB. Time for Warren to "take out the trash."

Posted by: Anonymous | September 17, 2010 1:24 PM | Report abuse

What are the repubs to do? Their corporate masters don't like this one bit!

Loooosers!!!!!!!!!!!!

Posted by: Anonymous | September 17, 2010 1:28 PM | Report abuse

She better have real power or Obama will pay. Guitener, Bernake and Summers are real wall street jerks screwing the middle & working class. Go ELIZABETH!
I agree -I will vote deems again from independent or green if she suceeds.

Posted by: crrobin | September 17, 2010 1:37 PM | Report abuse

Sounds like another dodge from controversy by Obama. The new financial reforms are worthless unless someone like Warren is in place to exercise them. But Wall Street really controls both parties, so BHO didn't put her in the driver's seat with a five-year term. Who IS he going to put there?

Confirmation hearings in the campaign season would have been a big winner for the Dems, showing up Senate Republicans for the Wall Street lackies they are. But Obama dangles on those same strings.

Posted by: Anonymous | September 17, 2010 1:44 PM | Report abuse

Another Harvard communist professor appointed by comrade Obama that is why the union thugs and ACORN types who post here love her.

Posted by: Anonymous | September 17, 2010 1:48 PM | Report abuse

Just what we need...another lawyer in the Obama administration.

China's government is run by engineers. The US is run by lawyers. That should tell you everything you need to know.

Posted by: Fiscal_Sanity | September 17, 2010 2:01 PM | Report abuse

But, Why is The Anti-Christ Obama Destroying America. If you truly want to know what is going on; Then you will have to accept these things as the TRUTH. Once you understand the following things; All things will be understood. So I tell you Obama is Satan on Earth, Lawless One, or what ever else you want to call this Demonic Figure. His words describe him, He is a False Hope, If you listen to him you will love him. He carries a Bow without an Arrow. He will conquer all through his speech, his false hoods will capture all who sit and listen to him.
2 Thessalonians 2:11-12
11And for this reason God will send them strong delusion, that they should believe the lie, 12 that they all may be condemned who did not believe the truth but had pleasure in unrighteousness.

Posted by: makom | September 17, 2010 2:07 PM | Report abuse

Good! She has teeth and not afraid to use 'em.. regulatory enforcement is critical...

Posted by: Towards_Light | September 17, 2010 2:08 PM | Report abuse

I just heard Obozo say that her emphasis will be on protecting the middle class and then later state her efforts will be for all Americans. ?????? Chris Dodd stated that whoever is going to lead this agency should go through the confirmation process. She says she is the "COP on the Beat". How does she accomplish her job without a "Badge". Another CZAR we have to pay for. How many is that - I saw 34 at last count. What is the annual budget for the White House to pay for all these so called Czars. (What in the hell does that mean anyhow???)

Posted by: veritas7 | September 17, 2010 2:08 PM | Report abuse

Typical Obama pick. Leftwingnut Egghead from harvard. Pathetic, another no-experience pick to head a business oriented position. Thats why BO had to use recess appointment, because she would have been pilloried in the real process, so BO uses another controversial RECESS PICK!!

enough!

Posted by: Anonymous | September 17, 2010 2:51 PM | Report abuse

...hey, let's just listen to Palin and the failed GOP, and go back to cut taxes / cut govt that we tried for the 3 decades of the Reagan/Bush era. In fact, let's get ANOTHER big tax cut to the wealthiest as we did in 1981 and 2001.

I mean, that worked SO well to deliver Trickle Down prosperity. Almost nobody is unemployed now. And the banks and oil companies and health insurers, heck - they POLICED THEMSELVES!!! Get government out of the WAY by golly!

Abe Lincoln would have said;
"You can fool some of the people, ALL of the time"... ;^)

- Balkingpoints / www

Posted by: RField7 | September 17, 2010 3:00 PM | Report abuse

Why not appoint her as a czar, especially since she couldn't come on board the Administration the legitimate way, with a position created by law and confirmation by the Senate.

Posted by: bbface21 | September 17, 2010 3:02 PM | Report abuse

Love the idea of having a tough cop on the block, but not one who hasn't been vetted or approved by the people's congressional representatives. Obama has got to stop his unilateral appointment of these people with so much power without congressional vetting. What an abuse of power from a "constitutional law professor."
----------------------------
Dude - Remember the Alabama Senator that held up confirming 70 candidates because he wanted some perks for his state? The confirmation process today has little to do with the candidates qualifications (or lack of) and everything to do with divisive partisan politics.

Posted by: Anonymous | September 17, 2010 4:00 PM | Report abuse

"Why not appoint her as a czar, especially since she couldn't come on board the Administration the legitimate way, with a position created by law and confirmation by the Senate."
Posted by: bbface21 | September 17, 2010 3:02 PM
==
What a clever snark, bb.
Apparently you don't (or can't?) read.
Elizabeth Warren is not appointed a "czar."
She has been appointed a senior White House advisor to the President and to the Treasury Secretary.
She will be in charge of developing this new agency.
And, for the first time, we Americans, who live in a world where dependency upon credit cards, bank accounts and consumer services is usually a nightmare to contend with constantly, will have a government regulatory agency on OUR side.
While it is true that this job lasts only so long as Barack Obama serves as President, he can nominate her for the job permanently later.
In the meantime, Ms. Warren will be able to actively help establish the agency that she proposed.
She's making history.
It's a rare moment when the person who actually conceived the idea of having such an agency can direct its first days in existence.
I expect great things of this agency.
And I have complete faith in Elizabeth Warren that she will successfully navigate the shark-ridden waters of Washington to create an agency that has a real impact on the American people and our finances.

Posted by: Judy-in-TX | September 17, 2010 4:06 PM | Report abuse

The Consumer Financial Protection Bureau is an unnecessary, duplicative layer of government.
The functions assigned to it are largely already authorized to other existing regulatory agencies that admittedly dropped the ball in some cases.
This is progress?"
Posted by: IntreoidOne | September 17, 2010 8:48 AM
==
If you bothered informing yourself, you would know that (as you say) "functions ... largely already authorized to ... existing regulatory agencies" are being taken over by our new CFPB.
"Dropped the ball?"
You're being too, too kind.
Their lack of regulation over bank services and credit cards and payday lenders (the mafia loan sharks of the Bush '00 years) will now come under the CFPB.
With the creation of the CFPB, we don't have to depend on their iffy performance anymore.
Listen to one of her interviews, IntreOne.
bb might do the same.
You just might learn something about basic consumer economics which will protect you.
She's a great teacher -- plain-spoken and honest.
Rare in Washington, you have to admit.

Posted by: Judy-in-TX | September 17, 2010 4:32 PM | Report abuse

An appointment to be applauded, Warren may be able to do what the Administration cannot seem to accomplish: bring down the temples of the money-lenders and give them back to the majority of citizens.

Posted by: Anonymous | September 17, 2010 4:37 PM | Report abuse

Judy in tx. We need good teachers in the schools not in Government. Too many perfessers now (Obozo), etc. We need people who can help the private sector make more money and created jobs. She has never done that. Those who can do and those who can't teach!

Posted by: veritas7 | September 17, 2010 4:38 PM | Report abuse

"Love the idea of having a tough cop on the block, but not one who hasn't been vetted or approved by the people's Congressional representatives. Obama has got to stop his unilateral appointment of these people with so much power without Congressional vetting. What an abuse of power from a "constitutional law professor."
Posted by: Anonymous | September 17, 2010 8:04 AM
==
"We the People" -- those of us who have been paying attention to this issue (unlike YOU, anony) -- have "vetted" her and we pronounce her an excellent appointment.
President Obama has pulled a "Bush" on Congress so they can't frustrate his administration.
You know -- just like Dick Cheney and his secret oil meetings.
They weren't "vetted" by Congress, either.
In this case, President Obama is acting in full view of the people, unlike the anonymous financial powers who oppose her and the agency she will establish.
What I'm going to love is when she rips the power away from those faceless bureaucrats in Treasury and banking who have allowed these financial services to rob us blind.
She is our bulwark against the sharks.

Posted by: Judy-in-TX | September 17, 2010 5:08 PM | Report abuse

This is a lie. Warren will only help setup the agency. She isn't being made the director as many of these articles seem to suggest.

Very underhanded and cowardly Obama.

Posted by: Anonymous | September 17, 2010 5:12 PM | Report abuse

"While nominally under the supervision of the Treasury Department" is incorrect. It's going to be under the Fed. But I find the error understandable because the Treasury Secretary is the temporary head.

Posted by: rmarksftc | September 17, 2010 5:13 PM | Report abuse

This ought to slow down the predatory free market anarchists on Wall Street by half a step for all of a heart beat.

Posted by: aahpat | September 17, 2010 5:13 PM | Report abuse

"Judy in tx. We need good teachers in the schools not in Government. Too many perfessers now (Obozo), etc. We need people who can help the private sector make more money and created jobs.
She has never done that. Those who can do and those who can't teach!
Posted by: veritas7 | September 17, 2010 4:38 PM
==
My husband is a high school computer graphics teacher teaching engineering graphics and math.
His courses are supported by the local oil refineries and chemical companies who can't find people to hire for their drafting departments who have any qualifications or experience.
Where do you live?
When he gets home and I quote you, I have no doubt he'd doubtless like to come over and rip your useless brains out of your nearly empty head.
Grow up.
Barack Obama is a whole lot smarter than you will EVER be.

Posted by: Judy-in-TX | September 17, 2010 5:19 PM | Report abuse

This is long overdue. The major banks don't Compete, they Collude. Much like Big Oil.

---

And they're too DUMB to survive.

And what happens if no one steps in to save their dumb @@@@@, even in the form of the regulation they continually seek to undercut?

This is an international game, and Wall Street is dumb.

And addicted.

Posted by: Anonymous | September 17, 2010 5:25 PM | Report abuse

Any complaints against WARREN are UN-warranted! - The U.S. CONGRESS $BAILED the Criminal $BANKsters!- Then set-uP a Phony 'FIN-REG' Joke! - CONGRESS also contijues to allow the Globalist UN-Constitutioanl 'FED' Manage & Manipulate OUR' $MONEY!! -- This is pure acts of Traitorism AMERICA! -- President OBAM is hard to understand.- He appoints a FED cROOK- GEIGHTNER of the FED as the Treasury Secretary!?- WHY LORD? -- Then tries to right Himself by appointing WARREN to the so-called Consumer Protection Agency! da!? -- What is going ON AMERICA!! --- NOTHING MAKES SENSE!! -- Just whom is OBAMA Working For??-- For WE-the-People,- or for the Criminal Globalist $BANKsters / WALLsters whom caused the Economic CRISIS?-- Please Mr. President make UP Your' Mind!!!!! -- It is either FOR the PEOPLE & WARREN,--- or You are for the $BANKster THUGS!!! -- WE-the0-People already know for a 'FACT' that CONGRESS is Full of "TURN-COATS" for $BAILing the Economic RAPISTS!! -- And also- CONGRESS Complains about Elizabet WARREN!!! - WHY?-- Because they are NOT FOR the PEOPLE,-- but Work, $under-the-table,- for the Globalist THUGS!!! -- O
K,-- put WARREN in charge of this Agency,---- but,- Mr. President,-- YOU, YOU,-- Better SUPPRT HER to the MAX- when the paid-off in Congress Complain! 0--- -- WE-the-People are "SICK & TIRED" of the RED & BLUE Turn-Coat CRAP aginst US! --- WE have had it with the FIAT 'FUNNY-MONEY' $$$DEBT CREATING CARTEL-- Called the "FED"!!! --- Repeal the "Federal Reserve ACT" - NOW CONGRESS!! --- And get this Staight!- Continue to Spport & $BAIL these Globalist $Investment DERIVATIVE THUGS,- and YOU,- YOU ARE OUT-OUT-OUT!!! --- WE-the-PEOPLE will remove You Traitors from office,-- and Prosecute You to the MAX!! ---- This so-called Protection Agency should ""NEVER"" be placed under the Criminal FEDERAL RESERVE PRIVATELY OWNED BANK!!! --- WARREN IS OUR'S! --- And President OBAMA better Support, Listen-to, and Protect WARREN'S Position to the HILT!!- If NOT, then WE will know this was all a tooooo-Big SWAPS JOKE UPON the U.S. CITIZENRY!!!

Posted by: jward52 | September 17, 2010 5:26 PM | Report abuse

"This is a lie.
Warren will only help setup the agency. She isn't being made the director as many of these articles seem to suggest.
Very underhanded and cowardly Obama."
Posted by: Anonymous | September 17, 2010 5:12 PM
==
Obama, cowardly?
When you won't even put up a name, but run under the term, "anonymous"?
Read the new law, idiot.
She is appointed as the interim director of the agency, as the law clearly states.
Not only that, she can (and will) be nominated as Permanent Director of the agency for a 5-year term at any time in the future that President Obama finds it likely that the Senate will quit roadblocking his appointments and confirm her.
Obama just won this one.
The "Just Say No" crowd of corrupted slaves to the financial sector just lost.

Posted by: Judy-in-TX | September 17, 2010 5:28 PM | Report abuse

When you won't even put up a name, but run under the term, "anonymous"?
Read the new law, idiot.
--

Hm

What is the purpose of anonymity with regard to letters of public discourse?

lol.

Obama is a coward. I would venture a traitor, too, given his Bushian methods.

And that's that, lil 'Chuck.

Posted by: Anonymous | September 17, 2010 5:34 PM | Report abuse

Nice response Judy in Texas - Not referring to teachers like your husband. I commend him. He is teaching students those skills that wil enable kids to get into engineering schools & other schools more focused on designing and producing new and better products. I'm talking about the Perfesser eggheads that end up in government jobs that take from your husband's students and give their incomes via taxes to those who won't work. Yes, we need to take care of those who can't help themselves but not those who can but won't. I apologize for being too general in my comments. Remember, those students your husband educates will more than likely be the ones in the future who will not likely agree with the agenda you and Obama propose and support. In adddition, one of the Democrats' leading Senators on financial issues, Chris Dodd, feels that confirmation by the Senate in the future for whoever is selected to run this agency
must be accomplished so that that individual has the authority along with the responsibility. None of the current 34 Czars have the authority necessary.

Posted by: veritas7 | September 17, 2010 6:19 PM | Report abuse

How many Czars does that make now? I think that it is up to over three dozen. And meanwhile what do the heads of the various Government departments do while these Czars expedite the work that they are supposed to do? I hope that they are not watching porn like all of those lawyers in the Justice Department were doing at taxpayer's expense.

Posted by: bobbo2 | September 17, 2010 6:51 PM | Report abuse

Wow, unfathomable. A woman who is so radical and has so many skeletons in her closet that she couldn't get confirmed is ANNOINTED queen. This makes George Bush look transparent as glass. This woman operates in a shroud of secrecy with no accountability.

The woman who wants to hold Wall Street accountable is unaccountable to anyone. I am middle class, and the only thing she has ever done is make millions through Harvard. How is that middle class?

Posted by: Cornell1984 | September 17, 2010 7:50 PM | Report abuse

It is typical of the "old guard" Neocon's that they would especially attack the sole member of the Obama Administration who isn't a Wall Street insider and a hack for multinational corporations. Warren, although she might not yet realize it, is Tea Party material. Here's hoping she comes to her senses and exits that nest of thieves at the White House and sides with those of us who think like her.

Posted by: mibrooks27 | September 17, 2010 8:46 PM | Report abuse

ANOTHER 1MM JOBS, DESTROYED BY OWE-BAMA THE FOOL

Given Ms. Warren has NEVER run anything with HER resources -- watch even MORE JOBS DESTROYED!

Great job, Barry. You JOB-DESTROYING idiot.

Posted by: Anonymous | September 17, 2010 8:54 PM | Report abuse

Funny, how the WaPo downplayed this story, parking it way down on its website.
Yet every national news broadcast lead with it, as the number one story.
Why the downplaying? It's simple: here is yet another example of the Obama administration playing to the middle.
Only they're missing the 'middle,' by a wide mark. Instead, they're playing to their monied friends at the big banks.
Well, you are what you are. And in this case, I think the Obama administration is a total sell-out.

Posted by: mtpeaks | September 17, 2010 9:18 PM | Report abuse

One more arrogant Harvard liberal who wants to tell us how to run our business.
Just what we don't need.
Remember these democrar enabler slugs in November and shovel out the Congress.

Posted by: LarryG62 | September 17, 2010 9:53 PM | Report abuse

Elizabeth Warren is almost certainly unconfirmable by the present Senate and probably by the next Senate as well.

Obama's strategy is probably to set her to work now, getting the agency organized, and then to nominate her as director next year after the new Senate is seated. If he nominated her now without the "Assistant to the President" fig leaf, she would not be able to work until confirmed, and she probably would never be confirmed, or until he made a recess appointment.

If Obama were to nominate her now and then made a recess appointment this fall when Congress recesses for the mid-term elections, she would be out of a job in January when the current Congress ends. If he waits and nominates her after the new Congress is seated, a recess appointment would last until the end of the new Congress, which will run until January 2013.

Posted by: Anonymous | September 17, 2010 10:02 PM | Report abuse

Unfortunately, it doesn’t seem that there will be any change in the Truth in Lending Act (TILA) of 1968 to change the current antiquated, mathematically-untrue, simple interest method of calculating the Annual Percentage Rate (SIAPR). The Truth in Savings Act (TISA) of 1991 uses the mathematically-true, compound method of expressing the APR (CAPR) and calls it the annual percentage yield (APY). The Oversight Committee of the Consumer Financial Protection Bureau (CFPB) will have 10 members from federal agencies … who are likely currently on the long-standing federal Financial Literacy Committee, which meets this month and has never moved to make TILA the truth. So what can Elizabeth Warren do … is not clear yet … but some language says she reports to Geithner, who (in the act) will be the Chairman of the Oversight Council. It seems that the legislators have cleverly crafted the Act to avoid any substantial change, and have crafted another mellifluous sounding Act that is not true.

Posted by: afblair | September 18, 2010 12:59 AM | Report abuse

Bravo, Mr. President! The long journey on the road to fiscal recovery has begun! It will take time and patience but, it will pay off in the end and the American Consumer will FINALLY have an ADVOCATE! The CHANGE we voted for is slowly turning in Favor of WE, the PEOPLE for a wonderful, long anticipated change. Bravo! ENCORE!

Posted by: Anonymous | September 18, 2010 1:41 AM | Report abuse

Okay, someone find out how long she worked at Goldman Sachs.

Posted by: Anonymous | September 18, 2010 9:35 AM | Report abuse

As Lee Iacocca once said, quite correctly, "Lead, follow or get out of the way." For eight years we saw that Republicans couldn't lead except by deception and circumvention of the Constitution; since 2009 the Party of No has made clear that it won't follow, won't help to revitalize the country they nearly destroyed. So the only thing left is to get them out of the way, which is precisely what the appointment of Elizabeth Warren does.

Ever since Obama got into office, I have waited for the Wall Street types to be held accountable for bringing this country, and most of the world, to its knees. Yet every night I go to bed angry because the very people who caused America's, and the world's, financial meltdown while taking home tens of billions of dollars, remain in charge of our financial institutions. The Wall Street types are again spending their time doling out outrageous bonus money, money they are making because taxpayers bailed them out, while my friends and neighbors, not a mortgage scammer among them, are unemployed and losing their homes.

The most we could have hoped is for the top 500 Wall Street exec to be renditioned to Iran for public stoning. Failing that, their "business practices", which often amount to little more than theft, should come under extremely tight scrutiny and control. I will hold out hope for the former; I'll settle for the latter in the hope that Elizabeth Warren can do the job.

Posted by: joachim1 | September 18, 2010 3:57 PM | Report abuse

The fact that all the fat cat banks oppose Warren's appointment makes her welcome to me. All power to her and God bless her. Personally, I would rejoice if every year, we could select a dozen CEOs of banks, insurance companies and HMOs to receive the DEATH PENALTY. They are the real face of organized crime in this country.

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