Bert Ely, an expert on bank regulation, spoke for many analysts in thinking that the White House had unspoken misgivings about Warren.
Brown and Collins said they will review the nominee once there is one. A of observers believe Warren would get a recess appointment, even though Snowe, Collins and Brown are urging the White House not to do so. At Consumers Union, Kimmelman focused on consumer issues related to telecom and media mergers. He said he thought the White House would appoint Warren to pacify a liberal base that "seems unhappy on many issues.
He argues that Geithner, as head of the New York Federal Reserve Bank between andinadequately protected consumers and the markets. Nader is an outspoken critic of the Treasury Department's handling of the economy and banking sector.
Democrats argue that existing regulators, including the Federal Reserve, failed in their duty to protect consumers from deceptive loans. Nader added that he worried Kimmelman doesn't have sufficient knowledge in banking to be a success. Speculation about Warren's nomination has captivated Washington since the president ed into law earlier this month historic regulatory changes for the banking and financial industries.
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Snowe did not return calls. The bigger question for these analysts is whether the Obama economic and political teams would even nominate Warren. In that position, Warren has repeatedly found herself at loggerhe with Treasury Secretary Timothy Geithner over the Treasury's handling of the bank bailout, leading to speculation that Geithner may be less than enthusiastic about having her appointed to the consumer unit.
All this will stifle innovation in mortgage and other consumer finance products, they say. Obama could also appoint Warren as an interim chairwoman, which would likely be for a shorter period of time. Obama could avoid a Senate vote - at lease for the time being -- by making Warren a recess appointment, which would allow her to serve for about a year-and-half without requiring Senate approval. Whoever has that job has awesome power over our economy. Arkush believes that the White House could help generate backing for Warren by explaining that she wants to empower the working-class families and help small businesses.
But Gabriel, a year veteran of political forecasting for institutional clients, said he was still not convinced Obama would nominate Warren, saying that the administration might seek a "third-way" and offer her another job.
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Up Log In. Capitol Report Warren seen gaining key consumer protection post Published: July 28, at p. In the early days, it looked like Warren would not get the post after Sen. Christopher Dodd, who shepherded the bank reform legislation through the Senate, said Warren might be unable to capture the filibuster-proof 60 votes needed to confirm her. Key GOP backers of the bank bill, Sens.
Advanced Search Submit entry for keyword. It will also oversee a hodge-podge of financial companies that, so far, have escaped regulation of any sort, including pay-day lenders, who offer cash loans to low-income individuals, mortgage modification consultants, and smaller state and local mortgage brokers, who originated many of the worst mortgages.
The new unit will be located at the Federal Reserve and will be responsible for overseeing new rules for mortgages and credit card products. Charles Gabriel, managing director of Capital Alpha Partners, said he had no doubts that Warren would be confirmed by the Senate.
Warren, born and raised in Oklahoma, has studied and written about consumers and debt for years, and saw trouble coming, before the economic meltdown hit. White House spokesman Robert Gibbs said on Monday that Warren was "confirmable," however the Obama administration is also quietly considering other candidates who consumer groups argue aren't as good as Warren.
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No found. Andy Schwartzman, chairman of the Media Access Project in Washington, argues that Kimmelman has a lot of the right experience. Economic Calendar. Another candidate, assistant Treasury Secretary Michael Barr, was a central figure in the White House's efforts to influence the sweeping bank reform law. Kimmelman, a former consumer advocate at Consumers Union, is currently assistant attorney general in the antitrust division of the Justice Department.
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Greta Thunberg or Bill Gates? The chair of the consumer bureau will sweeping authority. Nader also expressed opposition to Barr's appointment, arguing that he's too tied to Geithner in the Treasury Department. There is a worry Warren that "doesn't play well with other kids in the sandbox," and wouldn't be a team player, Ely said.
Madison Cawthorn, a fresh-faced staunch conservative, just beat his Democratic rival in North Carolina on Tuesday to become, at just 25, the youngest member of Congress in the modern era. Greg Valliere, chief political strategist for Potomac Research Group, said the odds were growing that Warren would get the post.
He would have to bone up fast. On the other hand, Gabriel said the nomination might make it easier for Republicans to make the argument that Obama was anti-business. This is a power grab.
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Warren needs the support of Democratic senators and a handful of Republicans to be confirmed by the Senate. The consumer protection agency -- and who he it -- are key points of contention between Democrats and Republicans. Greg Robb is a senior reporter for MarketWatch in Washington.
However, Nader, a four-time presidential candidate, argued that Kimmelman's appointment would be a consolation prize and that the administration would only do it to "mollify" outraged consumer advocates who would have preferred Warren. Ely, who said he is opposed to the nomination, said the conventional wisdom inside the beltway is that the choice is giving the Obama team ulcers: "If they were really comfortable, they would have made the nomination already.
Consumer advocates and a group of Democrat lawmakers in recent days have expanded their campaigns to seat the Harvard Law School professor. But it's unclear whether Shelby can keep all 41 Republican senators from backing Warren if she were nominated. Charles Gabriel said the tide had turned for Warren.
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Follow him on Twitter grobb These 3 alternative income streams may boost portfolio returns. ET By Ronald D. Greg Robb. She's the guru dealing with behavioral science, trying to change everything. However, he adds that Obama could recess appoint her as well.
Warren seen gaining key consumer protection post
Opponents of Warren, led by Sen. Richard Shelby, Alabama Republican and ranking member of the Senate Banking Committee, argue that the agency threatens to become a new large bureaucracy that would hurt mortgage lenders, raise costs for consumers, limit their choices and make it impossible for some qualified borrowers to buy a home. Consumer groups like to point out that the year-old Warren was a voice in the wilderness, advocating for an independent consumer protector during the housing boom that eventually led to the financial crisis.
Art Brodsky, communications director at Public Knowledge, said he believes that Gene Kimmelman, another consumer advocate under consideration, would make a great candidate, as would Warren. However, Schwartzman points out that Kimmelman also focused much of his energy on banking and credit. They insist that going forward the CFPB -- not bank regulators -- will make sure that lenders don't lure borrowers to take on too much debt. The White House could score political points in time for the congressional elections in November by nominating Warren even if they weren't sure whether she could gain Senate approval, said David Arkush, director of Public Citizen's Congress Watch unit.