Chris Dodd warns White House on Elizabeth Warren move

[Freddie Stubbs]

Source: Politico

Senate Banking Committee Chairman Chris Dodd (D-Conn.) said Thursday the Obama administration is leaving a new consumer protection bureau "vulnerable" by circumventing a confirmation process to name Elizabeth Warren to help create the new agency.

The top Senate negotiator on the Wall Street reform law has repeatedly expressed his opposition to naming an interim or recess appointee to run the agency. But sources say President Barack Obama plans to name Warren as a presidential adviser, charged with setting up the agency in a position that would not require Senate confirmation.

"We need a director. And you need someone that's confirmable. And anything short of that, I think, you put this bureau in some jeopardy. Without it being established and up-and-going. it's vulnerable," Dodd told reporters. "We still need a nominee. I hope that they send up a nominee sometime in the next few weeks, even in the lame duck, I don't see why can't have hearings and consider who should actually run the place."

Republican Bob Corker of Tennessee, once a key player in the regulatory reform bill and a staunch opponent of the consumer agency, said Obama's move was "exactly" what he was concerned about at the time the language for the bureau was established, and said the position of consumer protection director would create an all-too-powerful czar.

Read more: http://www.politico.com/news/stories/0910/42278.html#ixzz0ziVV1IPE

[louis-t]

1. Oh, so it's the 'czar' thing again?

:eyes: NO MORE CZARS. NO MORE CZARS. NO MORE CZARS. NO MORE CZARS. NO MORE CZARS. NO MORE CZARS. NO MORE CZARS. NO MORE CZARS.

:woohoo:

[MineralMan]

2. And Obama replied, "Hey, Chris...it's been good knowin' ya."

"See you around."

[BeyondGeography]

3. He could send Lloyd Blankfein up there and he wouldn't be confirmable

[EFerrari]

4. We need an "I flip you the bird" smilie.

:)

[TygrBright]

5. Chris: Piehole. Shut. n/t

[Cleita]

6. Maybe it's time for a mail-in campaign of knee pads

to Senator Dodd so it will be easier for him to give Wall Street a blow job as the expense of we the people.

[CTyankee]

14. Pray that Dick Blumenthal and not Linda MacMahon will take his place!

The way things are going, I'm getting nervous...

[Roland99]

7. And just who would satisfy Dodd? God?

[molly77]

9. Someone more friendly to Wall Street and not US

[Scuba]

8. Dodd is scared for his Wall Street buddies. Tough.

[totodeinhere]

10. I agree with Chris Dodd. Obama needs to go ahead and nominate her and then fight for the

nomination to get through the Senate. Then if a GOP filibuster torpedoes the nomination, go to plan B. We do need a director and Ms. Warren is the one for the job, so nominate her.

[gkhouston]

13. He can nominate her while she's serving as the interim director. And unlike

Dawn Johnsen, she'll be accomplishing something while the Republicans do their damnedest to delay a vote.

on edit: In theory, he could say she's he's nominee when he announces her appointment.

[gkhouston]

11. Did he or did he not co-sponsor the law that made this very thing possible?

:wtf: Brain fart or consummate kabuki on Dodd's part?

[seabeyond]

12. isnt dodd leaving? nt

[Frank Booth]

15. This Is Great News!

It's straight from the horse's mouth. If Dodd is this upset, Wall Street's got to be shitting their pants.

Dodd wanted someone "confirmable." Like Robert Rubin or Lloyd Blankfein. Instead, we're getting someone who will be more interested in protecting consumers than protecting Wall Street.