Elizabeth Warren to be appointed as special advisor for new consumer agency (LA Times)

[pinto]

LA Times is carrying the buzz, as well. ~ pinto

Los Angeles Times | Sept. 15, 2010 | 4:44 p.m.

Elizabeth Warren to be appointed as special advisor for new consumer agency

President Obama will appoint Harvard University law professor Elizabeth Warren as special advisor to the Treasury Department to launch the government's powerful new Consumer Financial Protection Bureau, avoiding at least for now a confirmation battle over the controversial centerpiece of the recently enacted Wall Street reform law, according to a Democratic official familiar with the appointment.

Warren, 61, is an outspoken consumer advocate who has gained widespread notoriety as head of the watchdog panel overseeing the $700-billion bank bailout fund. An expert on consumer bankruptcy, Warren in 2007 proposed the creation of a federal agency to protect consumers in the financial marketplace. Fearing a Senate confirmation battle because of strong Republican opposition to her, Obama will appoint her to a position in the Treasury Department, which is setting up the new agency.

More soon at http://www.latimes.com/

[gateley]

1. As someone else posted earlier -- "special advisor"? Anybody know what

that means?

But whatever, I'm just soooooooo glad he's appointed her.

[FrenchieCat]

3. Means she gets to do the job that needs doing without

sitting in the wings waiting for confirmation for a year!

[autorank]

6. An interim appointment was an option Frenchie

They could have done that and then dared the crooks to vote against her.

A special adviser role is toothless. She won't be able to give orders. There will be no chain of commend.
It's just a delay?

Why? Because Wall Street has gotten every thing they want since day one. Little Timmy and Larry obviously won out.

[FrenchieCat]

10. I disagree with you on this........

AP source: Wall St critic tapped for consumer post

WASHINGTON – President Barack Obama will appoint Wall Street critic Elizabeth Warren as a special adviser to oversee the creation of a new consumer protection bureau, a Democratic official said Wednesday.

<...>

The consumer bureau was created under the financial regulatory bill Obama signed into law earlier this year. It will have vast powers to enforce regulations covering mortgages, credit cards and other financial products, and be financed by the Federal Reserve.

The new bureau would consolidate consumer protection duties now spread across various regulatory agencies. The financial regulation law gives the Treasury Department the authority to run the consumer protection bureau while the nomination of its director is pending.

The law also says the Treasury secretary must transfer those functions to the new bureau within a year, but gives him latitude to seek an additional six months to complete the creation of the agency. That means Warren could, potentially, perform her new duties into 2012.

"I very much would like to see her directing that agency. Exactly in what form is less important to me that that she does it," Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, told The Associated Press on Wednesday. "If someone told me that a candidate for that job could be easily confirmed, I think that would be a disqualification."
http://news.yahoo.com/s/ap/20100916/ap_on_bi_ge/us_obama_consumer_protection_6





Consumer Advocate Now Expected to Get Head Start as Assistant to Obama
By SEWELL CHAN

WASHINGTON – Elizabeth Warren, who conceived the idea for the Consumer Financial Protection Bureau, will oversee its establishment as an assistant to President Obama, an official briefed on the decision said Wednesday evening.

The decision, which Mr. Obama will announce this week, will allow Ms. Warren, a Harvard law professor, to effectively run the new agency without having to go through a potentially contentious confirmation battle in the Senate. The creation of the bureau is a centerpiece of the Wall Street financial overhaul that Mr. Obama signed in July.

Ms. Warren will be named an assistant to the president, a designation that is held by senior White House staff members, including Rahm Emanuel, the chief of staff.

She will also be a special adviser to the Treasury secretary, Timothy F. Geithner, and report jointly to both men. The financial regulation law delegated the powers of the bureau to the Treasury Department until a permanent director is appointed and confirmed by the Senate to a five-year term.

The decision does not preclude the possibility that Ms. Warren could eventually be named director, and at the least, she would play a pivotal role in deciding whom to appoint to the job, according to the official, who spoke on the condition of anonymity so as not to pre-empt the formal announcement. Several news organizations, including ABC, reported Ms. Warren’s impending appointment on Wednesday

more... http://www.nytimes.com/2010/09/16/business/16consumer.html?src=busln

[autorank]

21. "She will also be a special adviser to the Treasury secretary, Timothy F. Geithner, ...

and report jointly to both men."

So Little Timmy has successfully accomplished the task of looting the Treasury in behalf of Wall Street and now he'll
turn into Robin Hood (full uniform) and give Warren her head of steam.

Sorry, I disagree with you and so does the history of Geithner's manipulations from day one of the administration.

It's all there, easy to see.

Watch Warren take Geithner apart, look like a fool, in her oversight role for TARP. She had him in a corner several
times and he responded in a way that would make just about anyone think that a) he deliberately avoided answering
the question and b) had something to hide.

Warren Grills Geithner

She'll get nothing as long as Geithner is her "co-boss."

[ProSense]

22. No

the arrangement is part of the law.

The new bureau would consolidate consumer protection duties now spread across various regulatory agencies. The financial regulation law gives the Treasury Department the authority to run the consumer protection bureau while the nomination of its director is pending.

The law also says the Treasury secretary must transfer those functions to the new bureau within a year, but gives him latitude to seek an additional six months to complete the creation of the agency. That means Warren could, potentially, perform her new duties into 2012.

"I very much would like to see her directing that agency. Exactly in what form is less important to me that that she does it," Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, told The Associated Press on Wednesday. "If someone told me that a candidate for that job could be easily confirmed, I think that would be a disqualification."

link

[autorank]

24. The quote is from the article you just excerpted-Geithner is her "co-boss" So the answer is, YES

"She will also be a special adviser to the Treasury secretary, Timothy F. Geithner, and report jointly to both men. The financial regulation law delegated the powers of the bureau to the Treasury Department until a permanent director is appointed and confirmed by the Senate to a five-year term."

Warren to Unofficially Lead Consumer Agency, New York Times, Sept. 15

[ProSense]

26. She's setting up the agency.

Is it your belief that Warren can't handle Geithner? That she took a position in which she would cave to him? How would she have handled the bankers?

The amount of handwringing over this is hilarious.

For weeks people have been screaming for the President to recess appoint Warren to an agency that has yet to be set up under the exact rules described in the law.

First, a recess appointment would have been up by the end of this Congress, effectively the end of this year (see Donald Berwick). Now that President Obama appointed Warren for a longer term, which gives him more flexibility and Warren more power, some people are unhappy.





edited for clarity

[autorank]

2. Total cave in k*r

Make them vote on this! Put her in front of the cameras and let people on the Republican side show their true colors.
People like Warner (D-VA) would have to come out of the closet too.

The question is simply: Who is owned lock, stock, and barrel by Wall Street? Vote NO and get the label.

This is a huge mistake in terms of motivating the troops as well. Why the heck support this scheme if the president
won't even take corrective action on the 20 months or so of Wall Street coddling?

[FrenchieCat]

5. They can vote on it once the agency is up and running......

it's the difference between getting shit done,
and doing shit for political ploy.

I'm surprised that the showdown is more important
than getting Warren involved as the point man.

[pinto]

9. I tend to agree. Past Special Adviser assignments shouldn't color this one. She's a good one.

:kick:

[SidDithers]

35. +1...

Obama is clearly more interested in "getting shit done" instead of engaging in political theatre.

Many DU'ers, on the other hand...


Sid

[KoKo]

4. "Special Advisor." Wasn't Paul Volker a "special adviser." He wanted to restore Glass-Steagall!

Would this not be seen as "marginalization?" :shrug: Of course, we don't know if this is the "final solution." It might just be "Trial Balloon" or some Rumor from RW that makes it into MSM to inflame her supporters...or DEPRESS her supporters. It's hard to know these days where the slings and arrows come from...there are so many.

[ProSense]

7. More

here

[BlueCheese]

8. What was wrong with a good old-fashioned

recess appointment?

The answer should not contain the word "Republicans" anywhere.

[msongs]

11. because we must be bipartisan to the (not mentionable) even tho they r not bipartisan back nt

[ProSense]

15. How is a direct appointment bipartisan? n/t

[SidDithers]

36. A recess appointment would expire at the end of the current session of Congress...nt

Sid

[KoKo]

12. I hope this isn't true...there have been so many rumors about Warren.

If this does turn out to be the way they are going it's going to make many of us Progessives very disappointed...wondering WHY? How COULD THEY HAVE "MARGINALIZED" her like this.

[FrenchieCat]

13. !

:rofl:


Cross your fingers!

[ProSense]

14. Where on earth does it say she's being marginalized?

WASHINGTON – Elizabeth Warren, who conceived the idea for the Consumer Financial Protection Bureau, will oversee its establishment as an assistant to President Obama, an official briefed on the decision said Wednesday evening.

The decision, which Mr. Obama will announce this week, will allow Ms. Warren, a Harvard law professor, to effectively run the new agency without having to go through a potentially contentious confirmation battle in the Senate. The creation of the bureau is a centerpiece of the Wall Street financial overhaul that Mr. Obama signed in July.

Ms. Warren will be named an assistant to the president, a designation that is held by senior White House staff members, including Rahm Emanuel, the chief of staff. She will also be a special adviser to the Treasury secretary, Timothy F. Geithner, and report jointly to both men. The financial regulation law delegated the powers of the bureau to the Treasury Department until a permanent director is appointed and confirmed by the Senate to a five-year term.

The decision does not preclude the possibility that Ms. Warren could eventually be named director, and at the least, she would play a pivotal role in deciding whom to appoint to the job, according to the official, who spoke on the condition of anonymity so as not to pre-empt the formal announcement. Several news organizations, including ABC, reported Ms. Warren’s impending appointment on Wednesday.

link

The bureau isn't up and running yet. The las stated that the role of doing so was to be conducted by the Treasury Department. She got the role.

Do people just see and hear what they want to?

[KoKo]

16. It's This Paragraph that's disturbing..Report to Rahm and "special Assistant" to Geithner...

She will not be Head of new Consumer Advocacy at Treasury...She will be a person designated to design it's setting up at the whim of Emmanuel, Geithner and the President.

It isn't what we had hoped for.

"Ms. Warren will be named an assistant to the president, a designation that is held by senior White House staff members, including Rahm Emanuel, the chief of staff. She will also be a special adviser to the Treasury secretary, Timothy F. Geithner, and report jointly to both men. The financial regulation law delegated the powers of the bureau to the Treasury Department until a permanent director is appointed and confirmed by the Senate to a five-year term."

[ProSense]

17. What are you talking about?

"Ms. Warren will be named an assistant to the president, a designation that is held by senior White House staff members..."


Rahm was mentioned to describe the status of an "assistant to the president." It means she reports directly to the President, which is friggin awesome.

[FrenchieCat]

19. Drawing a picture might or might not work!

:rofl:

[KoKo]

20. I just gave you the troublesome paragraph. She will not HEAD the New Agency...

I'm sorry if you didn't understand my post...but I did give you the quote.

[Beetwasher]

30. Yes, She WILL HEAD THE AGENCY, She Will Be The INTERIM DIRECTOR

The DIRECTOR of the agency IS it's head, whether interim or not.

Just because she reports to someone does not mean she is not the head of the agency. Everyone reports to at least the President. She IS the Interim Director aka "head" of the agency. The Director of this agency will ALWAYS report to the Treasury. The Dept. is PART of Treasury. Deal with it.

[FrenchieCat]

18. Wow.....you must be livid! Cause you didn't even understand the paraghraph with Rahm in it!

it says she will be a special assistant to the President....like Rahm is....
not her reporting "to" Rahm!

Jeeze-Louise! :crazy:

[Bodhi BloodWave]

23. i think its a case with some people that they see the name 'Rahm' and their mind goes *TILT* n/t

[whatchamacallit]

25. I wouldn't touch that advisor gig with a ten foot pole

Stake my reputation on something where I had no authority and no guarantee that my blueprint is followed? No thanks. Give her the fucking wheel.

[FrenchieCat]

29. I wouldn't want you to touch it either.....

Ms. Warren is smart and sassy. That's the biggest difference!

[whatchamacallit]

31. If she's smart she'll pass

Why do you feel you have the right to insult?

[saltpoint]

27. Warren has experience, smarts, and integrity.

Great choice.

[Steely_Dan]

28. I Am A Vocal Critic Of...

the Obama Administration. However, when they act in the better interest of the American people, I will be the first to applaud them. Nice job.

[TexasObserver]

32. Let's hope they intend to listen to her.

[gort]

33. Take that, Dodd

Pout away, Chris.

[Scurrilous]

34. K & R

:thumbsup: