FACTBOX-Obama sizes up contenders for Wall St reform posts
WASHINGTON, July 19 |
WASHINGTON, July 19 (Reuters) - The Obama administration must make some key appointments of regulators to implement the Wall Street reform bill approved last week by Congress.
Here is a look at three top jobs and some contenders to fill them, based on the views of analysts and aides.
CONSUMER FINANCIAL PROTECTION BUREAU, DIRECTOR
The head of the new bureau, to be created within the Federal Reserve, will be appointed by the president and must be confirmed by the Senate to a five-year term.
The bureau will regulate credit cards, mortgages and a wide range of other consumer financial products and services.
* Elizabeth Warren
Harvard Law School professor. Outspoken consumer rights advocate. Widely feared by the banks and Wall Street.
Backed by key Democrats, including House Financial Services Committee Chairman Barney Frank. Opposed by many Republicans.
Warren, 61, is chairman of the congressional panel overseeing the bank bailout program. Critical of program's management.
She appeared on the cover of Time magazine in May -- with Securities and Exchange Commission Chairman Mary Schapiro and Federal Deposit Insurance Corp. Chairman Sheila Bair -- under the headline: "The New Sheriffs of Wall Street."
She is widely credited with conceiving the idea for the consumer watchdog bureau.
* Michael Barr
Treasury Department's assistant secretary for financial institutions. Taught at the University of Michigan Law School. Former fellow at two Washington, D.C., think tanks, the Brookings Institution and the Center for American Progress.
Barr, 44, played a key role in Treasury's work on the Wall Street reform bill. Earlier in his career, he was a special adviser to President Bill Clinton.
* Gene Kimmelman
Justice Department's chief counsel for competition policy and intergovernmental relations. Formerly worked at Consumers Union and Consumer Federation of America, both non-partisan groups that promote consumer and investor rights.
Kimmelman, 55, was a congressional staffer and worked as a staff attorney at Public Citizen's Congress Watch, which lobbies for consumer interests on Capitol Hill.
FED VICE CHAIRMAN OF SUPERVISION
A new post will be created on the Federal Reserve Board to oversee supervision of banks and other financial firms.
* Daniel Tarullo
Presently a member of the Fed board, Tarullo, 57, formerly taught international financial regulation and banking law at Georgetown University's law school.
He worked in various roles in the Clinton administration and was formerly a staffer for Democratic Senator Edward Kennedy. He has taught at Harvard and Princeton universities.
COMPTROLLER OF THE CURRENCY
A top-level bank regulatory job, the comptroller supervises some of the nation's largest financial institutions.
John Dugan will step down from the post in mid-August. He has been comptroller since 2005. Obama must name a successor. (Reporting by Kevin Drawbaugh, David Lawder, Glenn Somerville and Steve Holland; Editing by Leslie Adler)
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