Bankruptcy

New Job for Professor Warren?

By mcbride

As part of the Wall Street reform which was recently passed, a new body was established.  It is called the Bureau of Consumer Protection and Professor Elizabeth Warren is the person most frequently named as a possible chair for that Bureau.  However, her appointment is opposed by those most affected by this new level of scrutiny.  ?Elizabeth Warren, the bailout watchdog and consumer advocate, has earned a reputation as a defender of the American family, the middle and working classes, the little guy. If appointed to lead the new Bureau of Consumer Financial Protection, the creation of which was her idea, Warren would have the power to crack down on the type of abuses that hurt regular citizens, led to the subprime mortgage crisis and economic meltdown, and bled more than $7 trillion in household wealth out of average Americans. But do the banks that say they serve average Americans, especially in the US heartland, want Warren in charge of this bureau? The answer, according to the heads of multiple state banking associations, is a resounding ?no.?? A recent Huffington Post story kicked off the conflict by reporting that Treasury Secretary Timothy Geithner opposed a potential Warren nomination. (The Treasury Department quickly responded by saying that Geithner believes she is ?exceptionally well qualified to lead the new bureau,? conspicuously avoiding the matter of whether or not he supported her for the job.)?

 Here is a link: http://motherjones.com/politics/2010/07/elizabeth-warren-banking-lobbying-blitz

Michael

Full post as published by Texas Lawyer Blog on July 26, 2010 (boomark / email).