UPDATE 1-Obama: Talking to "friend" Warren for consumer post

Fri Sep 10, 2010 2:55pm EDT

* Obama heaps praise on Elizabeth Warren for consumer bent

* Not ready to make official announcement on agency post

* Says has had multiple conversations with her about job

WASHINGTON, Sept 10 (Reuters) - President Barack Obama said on Friday he will "soon" announce his nominee to head a new consumer financial protection agency, while offering praise for his "dear friend" Elizabeth Warren, who has been seen as a key contender for the post.

Warren, a Harvard law professor who Obama said he has known since his own law school days, has rankled Wall Street in her role as a watchdog for the government's $700 billion bailout of the financial system.

"I have been in conversations with her. She is a tremendous advocate for this idea," Obama said when asked during a rare press conference about Warren's prospects. "It's only been a couple of months, and this is a big task standing up this entire agency."

Bankers, hedge fund managers and brokers have slammed Warren for what they say is her use of a judgmental and dogmatic tone when talking during frequent television appearances about the financial services industry.

Obama, who has raised Wall Street's ire himself with heated rhetoric against banker pay and greed, heaped heavy praise on Warren. But he said he would not deliver an official announcement until it is ready.

The new Consumer Financial Protection Bureau was created as part of the Dodd-Frank Act, the financial reform legislation signed into law in July in the wake of the 2007-2009 financial crisis.

Lawmakers, including Senate Banking Committee Chairman Christopher Dodd, have voiced concerns that Warren might not be able to muster the 60 votes that could be needed to defeat Republican opposition in the Senate to her confirmation.

Obama would not specifically comment about her chances in the confirmation process.

"I'm concerned about all Senate confirmations these days," he said, adding that he would be concerned about getting a "dog catcher" confirmed. (Reporting by Karey Wutkowski; Additional reporting by Patricia Zengerle; Editing by Leslie Adler)

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Comments (5)
btrask3 wrote:
Great! Another socialist friend from the University of Chicago. Looks like another 18 months of winter.

Sep 10, 2010 12:42am EDT  --  Report as abuse
btrask3 wrote:
I apologize, I meant she has worked for many Global Progressive Law Schools: Harvard Law School, University of Pennsylvania School of Law, University of Texas School of Law, University of Houston Law Center, University of Michigan, and Rutgers Law School to name a few. These far left law schools are fundamentally changing every part of our society. (I wonder why she worked for so many… she must be changing jobs every two years or so… I wonder why that is?

Sep 10, 2010 12:54am EDT  --  Report as abuse
minuteman wrote:
Obama will have to wait until the election recess to appont Warren to the positon. Obama does not like anyone radical and socialist to have to go before the Senate for confirmation because it will reveal their ideology. So with Congress recessing shortly, Obama will announce his appointment and once more, another raical will be in the WH without congressional approval. Chavez must simply be green with envy over what Obama is doing to mirror his economic and political agenda.

Sep 11, 2010 5:13am EDT  --  Report as abuse
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