There has been much speculation about who the director of the new Consumer Financial Protection Bureau will be, but Bloomberg reports Michael S. Barr wants to have his name taken out of consideration.
The former U.S. Treasury Department assistant secretary for financial institutions has been brought up as a leading contender for the position.
“I had a wonderful two years in Washington… I am happy to be where I am,” Barr said on March 18 at a Consumer Federation of America event Washington, according to Bloomberg.
Barr has been working as a law professor at the University of Michigan since leaving the treasury in November. Bloomberg cites Barr one of the architects of the Dodd-Frank financial overhaul bill and a defender of the CFPB in many of his speeches.
“Their logic rests on the premise that empowering consumers is somehow antithetical to free markets… In fact, the opposite is true,” said Barr, according to Bloomberg.
Bloomberg reports that Barr also condemned some members of Congress for their “collective amnesia” about the turbulent economic times, referencing that many lawmakers are now aiming to cut the budgets of the Securities and Exchange Commission, the Commodity Futures Trading Commission and the consumer bureau.
Advertisement: Scroll to Continue
Click here to read more of Barr’s remarks during his presentation at the Consumer Federation of America conference.
Related Content
CFPB Enforcement Chief Stresses Role of Attorney Generals in Consumer Protection
Credit Card Regulation Top Priority for New CFPB Enforcement Chief
CFPB’s Elizabeth Warren Meets with Key Religious Leaders
Treasury Dept. Announces Launch of ‘Beta’ CFPB Website
Treasury Dept. Names General Counsel and Deputies for CFPB Team
Holly Petraeus to Establish Office of Servicemember Affairs for CFPB
CFPB Partners with State Regulators to Oversee Industry
Should We Ban Credit Cards? The Radical Policies Advocated by Some Behavioral Economics Scholars
Insights into Consumer Use of Financial Products: Payoffs from the New Behavioral Economics
