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White House: Warren "very confirmable"

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Congressional Oversight Panel Chair Elizabeth Warren questions Assistant Treasury Secretary for Financial Stability Herbert Allison on the government's assistance to Citigroup during a hearing in Washington March 4, 2010. The Congressional Oversight Panel was created to oversee the expenditure of the Troubled Asset Relief Program (TARP). REUTERS/Richard Clement

Congressional Oversight Panel Chair Elizabeth Warren questions Assistant Treasury Secretary for Financial Stability Herbert Allison on the government's assistance to Citigroup during a hearing in Washington March 4, 2010. The Congressional Oversight Panel was created to oversee the expenditure of the Troubled Asset Relief Program (TARP).

Credit: Reuters/Richard Clement

WASHINGTON | Mon Jul 26, 2010 3:20pm EDT

WASHINGTON (Reuters) - Wall Street criticism would not disqualify consumer rights advocate Elizabeth Warren to be the head of a new consumer financial protection bureau, the White House said on Monday.

"Elizabeth Warren is a terrific candidate. I don't think any criticism in any way by anybody would disqualify her and I think she's very confirmable for this job," White House spokesman Robert Gibbs said at a news briefing.

The new bureau was created by the financial regulatory overhaul legislation that President Barack Obama signed into law last Wednesday. It will regulate consumer financial products ranging from credit cards to mortgages.

The Obama administration considered the bureau one of the most critical parts of the new legislation, but banks fought it bitterly.

The post is considered an important one, but the timing of an appointment is unclear and there are other potential candidates besides Warren.

"We've got many good candidates," Gibbs said.

Warren, an outspoken consumer rights advocate feared by Wall Street, is among top contenders to head the new agency. She is a Harvard Law School professor who has been chairing a congressional panel overseeing the 2008 bank bailout program.

A strong critic of big banks, Warren is widely opposed by Republicans who tried but failed to block the financial regulatory bill.

The White House has said the announcement of its choice to head the bureau will be soon, but not immediate.

"I know that the president will look at this job and the several other jobs that are created as part of this legislation and make an announcement," Gibbs said.

(Reporting by Patricia Zengerle, Editing by Sandra Maler)
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Comments (5)
bck555 wrote:
The Statists don’t want another negative issue before the Nov. election. She will be nominated by the President when politically advantageous OR he will attempt to do another Recess Appointment to avoid the questions that Congress will want answered. Watch this carefully. This new agency is already dangerous, but with her in charge, we are lost. No decisions on this position should be implemented until AFTER the election and the American People get a chance to raise their voices.

Jul 26, 2010 5:52pm EDT  --  Report as abuse
mellokello wrote:
Agreed, Fireturtle. Elizabeth Warren is an esteemed person and absolutely worthy of this appointment. I’m interested how the new agency is “already lost” and how Warren would further ruin it (hmm, bck555?). Seems that everything she touches turns to gold.

Jul 26, 2010 9:33pm EDT  --  Report as abuse
bck555 wrote:
My view on Warren is troubled by two areas of concern. First – Her zeal for reform (I believe) and a tight approach to consumer credit will further harm the working class consumer by making credit even more difficult to obtain or afford. The economy will further suffer as a result. Second – She has virtually no administrative experience. Any gov. agency is a significant administrative undertaking that requires either lower level management experience or great abilities developed elsewhere. This particular new agency is going to require all skills necessary to establish, organize, and lead. Especially one that carries so much influence into the daily lives of the average American. We can’t afford another OJT experience. Just look at the one we are currently experiencing.

Jul 26, 2010 10:59pm EDT  --  Report as abuse
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