April 26, 2011
With time running out for President Obama to nominate (and Congress to confirm) a director for the new Consumer Financial Protection Bureau, Bloomberg reports that an administration official stated Elizabeth Warren is still in the running for the position.
Warren and other finalists all have experience in the finance industry but not specifically in the private sector, according to the official who requested to remain anonymous as the selection proceedings aren’t public.
Warren has been working for many months now through a special Treasury Department role to set up the CFPB ahead of the organization’s official launch July 21.
The official added that the administration is aiming to announce a nominee in the next few weeks. Obama may also consider a recess appointment if it appears Congress won’t approve a new director before the bureau’s opening this summer, said an individual close to the bureau proceedings. Through a recess appointment, the President would select a director when the Senate isn’t in session. Obama’s pick could then serve during the next session of Congress through 2012, reports Bloomberg.
Many candidates approached by the Obama administration reportedly turned down the CFPB director opportunity in deference to Warren, including Democratic former Michigan Gov. Jennifer Granholm, Democratic former Delaware Sen. Ted Kaufman and attorneys general from Iowa, Illinois and Massachusetts. Warren’s nomination has been a great source of contention among Democrat and GOP lawmakers.
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