Elizabeth Warren has been the ideal candidate for the Director of the Consumer Finance Protection Bureau since she helped craft the agency, but now Senate Republicans are threatening to block any appointment to the directorship until the CFPB’s power is diminished. Due to this tactic by the Republicans, Rep Carolyn Maloney, along with two other Democratic colleagues are collecting signatures to push President Obama to make a recess appointment for this post.
From the letter:
They [Senate Republicans] have vowed that they will not allow consideration of any nominee to head the CFPB until the bureau is weakened. They would rather hold your appointment hostage and obstruct the process than make sure consumers have a strong advocate on their side.
Since Republican Senators have said that no one is acceptable unless the law is weakened, we would urge you to nominate Professor Warren as the CFPB’s first Director anyway. If Republicans in the Senate indeed refuse to consider her, we request that you use your constitutional authority to make her a recess appointment. We can think of no better person to be the first Director of this incredibly important consumer financial protection regulator.
While the agency is currently in the Treasury Department, it will be transitioned to be within the Federal Reserve in July – a Senate appointed director will be needed to run it. Time is running out.
The Progressive Change Campaign Committee is working on aiding this push, currently looking for people who work in finance to show their support for Elizabeth Warren. If you work in the financial industry, you can answer a few questions and help with the efforts to have a strong consumer watchdog for Wall Street.