Barack Obama

Politicians And Regulators Tread Lightly Around JP Morgan Debacle

Brian Beutler | May 15, 2012, 5:00AM

Occupy Wall Street protesters outside a GOP event in Manchester, NH. January 07, 2012

The revelation that banking giant JP Morgan lost $2 billion making risky bets with depositor funds is only four days old, but early indications suggest that the financial industry's capture of American government successfully weathered the 2008 crisis, with nearly all the political and regulatory players invested in the consequences of this latest debacle treading lightly around the questions it raises.

It has, however, re-energized outside advocates of strengthening financial reform -- including a certain high-profile Senate candidate -- and left those who favor repealing the 2010 Dodd-Frank Wall Street reform law in an untenable position.

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Financial Reform

Sr. White House Official: GOP Consumer Bureau Demands 'Unacceptable'

Brian Beutler | December 5, 2011, 6:12PM

President Barack Obama

The White House making a big public push to pressure moderate Republicans to support Richard Cordray, President Obama's nominee to run the new Consumer Financial Protection Bureau, when the Senate votes on his confirmation Thursday. Nearly all Senate Republicans have vowed to filibuster any potential director until Democrats agree to dramatically scale back the bureau's regulatory power.

In a background briefing with reporters Monday, a senior White House official said the GOP's demands won't fly.

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Scott Brown

Report: Scott Brown Bucks GOP, Endorses Cordray CFPB Nominee

Brian Beutler | November 14, 2011, 5:19PM

Sen. Scott Brown (R-MA)

Sen. Scott Brown (R-MA) is bucking his party and asking for an up-or-down vote for former Ohio Attorney General Richard Cordray to run the new Consumer Financial Protection Bureau.

"The senator supports the Cordray nomination and believes it deserves an up or down vote on the Senate floor," his spokesman John Donnelly told the Boston Globe.

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Paul Ryan

Paul Ryan Takes On Elizabeth Warren And The 99 Percent

Brian Beutler | October 26, 2011, 1:12PM

Senate Candidate Elizabeth Warren (D-MA) and Rep. Paul Ryan (R-WI)

Democrats want the 2012 elections to turn on the question of which party has a better vision for the country, and to win the ensuing battle of public perception, both parties are putting the brightest shine they can on their particular designs.

On Wednesday, the GOP pitted conservative darling Paul Ryan against liberal hero Elizabeth Warren, with Ryan serving as a tribune to wealthy Americans and Warren as a populist fighter for working people.

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MA-SEN

Poll: Scott Brown Ahead But Under 50 Percent Against Elizabeth Warren

Eric Kleefeld | September 6, 2011, 12:08PM

Sen. Scott Brown (R-MA), Senate candidate Elizabeth Warren (D)

A new poll in Massachusetts find that Sen. Scott Brown (R-MA) remains ahead in his race for re-election in 2012 -- but is well under 50 percent against former White House adviser Elizabeth Warren, a precarious spot for a Republican in this usually deep-blue state.

The new survey was sponsored by Boston's NPR station, and conducted by polling firm MassINC. The numbers: Brown 44%, Warren 35%. In match-ups against other Democrats, Brown led City Year co-founder Alan Khazei by 45%-30%, led Dem activist Bob Massie by 45%-29%, and led Newton Mayor Seti Warren 46%-28%.

In a positive sign for Brown, his favorable rating is a solid 54%, to only 25% unfavorable. On the other hand, Elizabeth Warren is at only 17%-13% favorable, with 24% undecided and a 44% plurality having never heard of her -- and Brown is nevertheless unable to reach 50% support in this Dem state.

The poll was conducted from August 30 to September 1, and has a ±4.4% margin of error.

Elizabeth Warren

Elizabeth Warren Launches Exploratory Committee

Benjy Sarlin | August 18, 2011, 12:24PM

Elizabeth Warren, Chairman of the Congressional Oversight Panel for TARP

Signalling a possible run for office, consumer advocate and Harvard law professor Elizabeth Warren has launched an exploratory committee in Massachusetts.

The website, ElizabethForMA.com, went live on Thursday with a contact form for supporters interested in tracking her decision. According to the Boston Globe, Warren filed the paperwork for the new committee the same day. Warren has been heavily courted by top Senate Democrats to run against Sen. Scott Brown (R-MA), who took office after winning the 2010 special election to replace the late Ted Kennedy. She gained a national following in her role as head of the Congressional Oversight Panel Chair for TARP and was a leading advocate for the creation of a consumer protection agency, a key piece of the Dodd-Frank financial reform law.

Warren has been on a "listening tour" of the state this week and recently published a post on liberal blog Blue Mass Group in which she sounded very much like a candidate.

"It is time for me to think hard about what role I can play next to help rebuild a middle class that has been hacked at, chipped at, and pulled at for more than a generation--and that that is under greater strain every day," she wrote.

MA-SEN

Gettin' Worried: Scott Brown Begs For Money To Help Fight Elizabeth Warren

Evan McMorris-Santoro | August 16, 2011, 5:38PM

Sen. Scott Brown (R-MA) just might have a formidable opponent next year in former Harvard professor and progressive heartthrob Elizabeth Warren. And it looks like he's starting to get nervous about it.

On the heels of the Progressive Change Campaign Committee's $100,000 campaign cash haul on Warren's behalf, Brown's up with a new fundraising appeal begging supporters to help him before it's too late.

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Elizabeth Warren

Warren Moving Closer To Senate Run?

Michael R. Corjulo | August 12, 2011, 8:46AM

Consumer Affairs and Protection Bureau Director Elizabeth Warren

Rumours of an Elizabeth Warren Senate challenge to Republican Scott Brown (R-MA) grew Thursday as the champion of consumer protection penned a suggestive op-ed in the democratic blog Blue Mass Group.

Addressing Massachusetts voters, Warren gave a brief overview of her life story including a description of the fiscal constraints her family faced during her early childhood, her time in Washington establishing CFPB, and her desire to continue helping the middle class.

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Elizabeth Warren

Progressives Launch Draft Elizabeth Warren Effort, Immediately Raise $30K In Campaign Cash

Evan McMorris-Santoro | July 20, 2011, 6:05AM

Chair of the Congressional Oversight Panel created to oversee the expenditure of TARP, Elizabeth Warren.

It was inevitable, given the strong feelings of support Elizabeth Warren inspires in the left: A matter of hours after President Obama appointed someone else to lead the Consumer Finance Protection Bureau, the left is already hauling in thousands of dollars in campaign cash and begging Warren to run for Senate in Massachusetts.

The process is about to take the next leap, as supporters of a Warren campaign against Sen. Scott Brown launch an online ad campaign. For her part, Warren has not yet said if she'll run, though she's left the door open.

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Elizabeth Warren

Warren: Time For A Recess Appointment Or A Big Political Fight Over Consumer Bureau

Brian Beutler | July 18, 2011, 6:07PM

Consumer Affairs and Protection Bureau Director Elizabeth Warren

Now that the White House has decided not to nominate Elizabeth Warren to run the newly created Consumer Financial Protection Bureau, she's taking her fight to protect the new agency directly to Republicans. And she says the time has come either for President Obama to recess appoint his designated director, or to engage in a loud, public fight with the GOP senators who have vowed to block the confirmation of any nominee, regardless of ideology or affiliation.

On a conference call with reporters and bloggers Monday evening, Warren described the impasse Republicans have erected as an opportunity.

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Elizabeth Warren

AFL-CIO Pushes Obama On Recess Appointment For Elizabeth Warren

Brian Beutler | June 9, 2011, 10:10AM

Elizabeth Warren

The most influential labor organization in the country is pushing President Obama to appoint Elizabeth Warren to run the new Consumer Financial Protection Bureau during the next congressional recess.

"By refusing to make any appointment to lead the CFPB, Senate Republicans effectively have recused themselves from having any input into whom President Obama appoints," reads an email alert to activists delivered Wednesday evening. "It's a dereliction of their constitutional duty to "advise and consent" on the president's nominees."

Fortunately, President Obama can bypass these obstructionists by making a recess appointment.

No matter who gets the recess appointment of President Obama, Republicans have made it clear they'll scream and holler. This reflects a sorry state in our politics--but it's also a historic opportunity to recess appoint Elizabeth Warren, who's already shown as acting director of the CFPB that she's a true champion for working families.... Urge President Obama to appoint Elizabeth Warren the next time Congress goes on recess.

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Barack Obama

Frank: White House Should Use Recess Appointment To Overcome Sexist Opposition To Warren

Ryan J. Reilly | June 2, 2011, 3:35PM

Rep. Barney Frank (D-MA) and Elizabeth Warren

The White House will use President Barack Obama's recess appointment powers to name Prof. Elizabeth Warren head of the Consumer Financial Protection Bureau if that is their only option, Rep. Barney Frank (D-MA) said Thursday.

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Elizabeth Warren

Number Of Democrats Calling For Warren Recess Appointment More Than Doubles

Evan McMorris-Santoro | June 2, 2011, 8:48AM

Chair of the Congressional Oversight Panel created to oversee the expenditure of TARP, Elizabeth Warren.

As Republicans have stepped up their attempts to prevent Elizabeth Warren's confirmation as head of the Consumer Financial Protection Bureau, Democrats and progressives are building steam behind their call for President Obama to go around the GOP's obstruction.

In the past week, the number of Democratic lawmakers who have signed a letter calling on Obama to use his recess appointment powers to install Warren at the head of the newly-created CFPB has more than doubled from the 36 who were on the list last week.

The formal announcement of the new number of signatories -- which is expected to include some members of House Democratic leadership -- will come at a Capitol Hill press conference on Thursday. Progressive groups are already calling the amped up recess appointment support a victory for their pro-Warren grassroots organizing efforts.

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Patrick McHenry

Warren Supporters Swarm McHenry's Facebook Page After He Blasts Her 'Sense Of Entitlement'

Brian Beutler | May 25, 2011, 10:25AM

Patrick McHenry and Elizabeth Warren

Somebody probably should have warned him about the high risk of blowback. Now he's learning it the hard way.

Over the past 12 hours, hundreds if not thousands of Elizabeth Warren's supporters have swarmed Rep. Patrick McHenry's (R-NC) Facebook page and excoriated him for mistreating her on Capitol Hill Tuesday.

As the contentious Oversight Committee hearing drew to a recess, Warren claimed she had arranged with McHenry's staff to be excused from the panel at 2:15 p.m. -- and that the arrangement was only necessary because the committee made multiple scheduling changes before settling on an early-afternoon start time.

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Elizabeth Warren

One-Time Warren Foe Now Pressuring Obama To Give Her Recess Appointment To Head Consumer Bureau

Brian Beutler | May 23, 2011, 3:04PM

Elizabeth Warren

The head of the Oklahoma Banker's Association -- a one-time Elizabeth Warren skeptic who believed she was "akin to the Antichrist" -- is now asking President Obama to provide her a recess appointment to direct the new Consumer Financial Protection Bureau.

"I write to encourage you to appoint Elizabeth Warren as the first Director of the Consumer Financial Protection Bureau, and to do so with a 'recess appointment' at the first opportunity," wrote Roger Beverage -- President and CEO of the OBA -- in a May 19 letter to Obama, provided to TPM. "In light of the action taken by the forty-four senators who have stated they will oppose any nominee to serve as Director of the new Bureau unless certain changes are made to the Bureau's structure, I encourage you to wait no longer and give Elizabeth a recess appointment before the July 21st transfer date."

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Elizabeth Warren

Dems Press Obama To Recess Appoint Elizabeth Warren To Run Consumer Bureau

Brian Beutler | May 19, 2011, 8:28AM

Elizabeth Warren

With Senate Republicans committed to blocking all potential directors of the new Consumer Financial Protection Bureau, congressional Democrats are pressing President Obama to accept reality and offer Elizabeth Warren a recess appointment to head the agency she conceived of.

"Regretfully, Republicans in the Senate have now made it clear that they oppose reform," reads a letter from House Democrats that will be delivered to President Obama.

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Consumer Financial Protection Bureau

Republicans Make Power Play To Gut Consumer Financial Protection Bureau

Brian Beutler | May 6, 2011, 4:11PM

Sen. Richard Shelby (R-AL)

On Thursday, while House Republicans were dealing with a small Medicare privatization snafu, their Senate counterparts laid down an impossible marker. Forty four of their 47 members have signed on to a letter threatening to filibuster any nominee to head the new Consumer Financial Protection Bureau unless it is dramatically weakened.

"We will not support the consideration of any nominee, regardless of party affiliation, to be the CFPB director until the structure of the Consumer Financial Protection Bureau is reformed," reads a letter, co-authored by Senate Minority Leader Mitch McConnell and Sen. Richard Shelby (R-AL), ranking member of the Banking Committee.

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Financial Reform

Republicans Gear Up For Fight Over Consumer Financial Protection Bureau

Brian Beutler | February 16, 2011, 2:12PM

Rep. Randy Neugebauer (R-TX)

Keep an eye on this in the weeks and months ahead.

A House Republican on the Financial Services committee has introduced legislation that would make it easier for Congress to hamstring, or defund, the newly created Consumer Financial Protection Bureau.

Once fully erected, the Bureau will be housed within the Federal Reserve and be guaranteed a percentage of the Fed's budget, with the option of asking Congress for more money. Rep. Randy Neugebauer (R-TX) proposes keeping it in the Department of Treasury, where Congress would have complete control over its purse strings.

In a brief interview Tuesday, Neugebauer was pretty candid about this.

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Bush Tax Cuts

Obama Again Demands GOP Stop Holding Middle Class Tax Cuts Hostage

Brian Beutler | September 17, 2010, 2:14PM

President Barack Obama

In a Rose Garden address this afternoon appointing Elizabeth Warren to be a consumer watchdog for the Treasury Department, President Obama again insisted that Republicans allow a vote on middle-income tax cuts.

"We know that a strong middle class leads a strong economy," Obama said. "And that's why as we dig our way out of this recession we've set our sights on policies that grow the middle class and provide a ladder for those who are struggling to join it. And that's why I am urging the leaders of the other party to stop holding middle class tax cuts hostage and extend this relief to families immediately."

Obama's been hitting the same note for more than a week now. Unfortunately for him, House Democrats aren't making his job, or the politics of this fight, very easy.

Consumer Financial Protection Bureau

Dodd Hints At Lame Duck Confirmation Of Real Consumer Bureau Director

Brian Beutler | September 17, 2010, 10:40AM

Sen. Chris Dodd (D-CT)

Senate Banking Committee Chair Chris Dodd remains skeptical that Elizabeth Warren can or will be confirmed to truly run the new Consumer Financial Protection Bureau. Yesterday, reacting to news that President Obama would appoint Warren to an advisory role at the CFPB, Dodd urged the White House to send the Senate a confirmable nominee. Possibly even during the so-called lame-duck session after the November elections.

"We still need to have a nominee," Dodd told reporters during a Senate vote. "My hope is they'll send us a nominee sometime in the next few weeks, or even in the lame duck. We'll have hearings and we'll consider who'll actually run the place."

Dodd said he doubts Warren can be confirmed.

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Consumer Financial Protection Bureau

Obama Appoints Elizabeth Warren To Advisory Position On Consumer Protection

Brian Beutler | September 17, 2010, 9:49AM

Elizabeth Warren, Chairman of the Congressional Oversight Panel for TARP

The White House made it official this morning, appointing Elizabeth Warren to serve as an adviser to Treasury Secretary Timothy Geithner to help the administration set up the Consumer Financial Protection Bureau.

In a post on the White House blog, Warren writes, "The President asked me, and I enthusiastically agreed, to serve as an Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau."

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Elizabeth Warren

Confusion Reigns On Warren Role At New Consumer Protection Bureau

Brian Beutler | September 16, 2010, 12:16PM

Chair of the Congressional Oversight Panel created to oversee the expenditure of TARP, Elizabeth Warren.

Conservatives are already calling her a banking "czar." The Obama administration is suggesting that she'll help "get the new federal agency standing." But there's still a great deal of confusion, both on the Hill and in the Obama administration about what Elizabeth Warren's new role as consumer protection adviser will be. Will she be a de facto director of the Consumer Financial Protection Bureau? Or will her powers be limited and subservient to the Treasury Secretary? Nobody seems to know.

After a Senate vote today, three key Senators -- including Warren supporters and detractors -- admitted to not knowing what Warren's new job will entail.

Asked by TPM whether he knew what Warren's role will be, Senate Banking Committee Chairman Chris Dodd answered simply, "No."

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Financial Reform

Dodd Unaware Of Interim Appointment Power For Warren?

Brian Beutler | September 14, 2010, 11:08AM

Sen. Chris Dodd (D-CT)

News reports yesterday generated speculation that the Obama administration will offer Elizabeth Warren a so-called "interim appointment" to head the Consumer Financial Protection Bureau. The authority for the Treasury Department to grant an interim appointment -- distinct from a "recess appointment" -- comes from the financial reform law itself.

In dismissing the rumor last night, though, Senate Banking Committee Chair Chris Dodd -- who authored the law -- claimed he'd never heard of the interim appointment power.

"I don't know what it is. I never heard of it before," said a flabbergasted Dodd to TPMDC. "It's kind of unique isn't it?"

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Elizabeth Warren

Progressives Press Obama To Recess Appoint Elizabeth Warren Before Congress Returns

Brian Beutler | September 7, 2010, 12:38PM

Elizabeth Warren, Chairman of the Congressional Oversight Panel for TARP

There are only a few days left until Congress returns to session, and that means President Obama faces a deadline, of sorts, if he wants to quickly fill vacancies in his administration. Obama has until the beginning of next week to offer recess appointments to nominees or expected nominees to positions that typically require Senate confirmation.

Highlighting the progressive angst about Obama's general unwillingness to exercise his recess appointment power are new website ads, produced by the Progressive Change Campaign Committee, pressuring him to give Elizabeth Warren the top slot at the Consumer Financial Protection Bureau.

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Elizabeth Warren

Speculation Grows As Elizabeth Warren Will Not Teach At Harvard This Fall

Brian Beutler | September 2, 2010, 9:04AM

Chair of the Congressional Oversight Panel created to oversee the expenditure of TARP, Elizabeth Warren.

Word on the street is that Elizabeth Warren has somewhat abruptly decided not to teach at Harvard this fall. "I'm writing to let you know that Professor Jerry Frug will be teaching your Contracts class this term instead of Professor Elizabeth Warren," Harvard law school dean Martha Minow wrote to students on Tuesday, in an e-mail The Washington Post snagged. "Professor Warren regrets that she will not be able to teach you this fall and we regret the last minute change."

The development has already touched off a great deal of speculation about whether Warren has been told she'll get the top job at the consumer financial protection bureau. But in a way this development mirrors the story of Dawn Johnsen -- a progressive favorite, who President Obama initially tapped to head the Justice Department's Office of Legal Counsel. After she got the nomination, Johnsen uprooted herself from Indiana University only to watch the White House and Senate Democrats decide not to fight for her confirmation.

Progressives with long memories won't be counting their chickens.

Chris Dodd

Dodd Reverses Position, Suggests Warren May Not Be Qualified To Head Consumer Bureau

Brian Beutler | August 18, 2010, 10:36AM

Sen. Chris Dodd (D-CT)

Senate Banking Committee Chairman Chris Dodd has for weeks called into doubt whether Elizabeth Warren can be confirmed to head the Consumer Financial Protection Bureau. But for the first time this week, Dodd has called into question whether she's qualified for the job, reversing his earlier position.

"It isn't just a question of being a consumer advocate. I want to see that she can manage something, too," Dodd told the Hartford Courant.

That's a far cry from what he told TPM and other reporters just weeks ago, when his only stated concern, based on his conversations with colleagues, was that Democrats may have a hard time rounding up 60 votes to confirm her.

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Elizabeth Warren

Jack Conway Backs Elizabeth Warren

Evan McMorris-Santoro | August 16, 2010, 5:25PM

Kentucky Democratic Senate nominee Jack Conway

Jack Conway, the Kentucky Democratic nominee for Senate, has joined a growing number of Democrats publicly calling on President Obama to nominate Elizabeth Warren to head the Consumer Financial Protection Bureau created by the new financial reform law.

Conway has signed onto the Progressive Change Campaign Committee petition calling on Obama to appoint Warren, who progressives have long praised for her tough talk aimed at banks, credit card companies and other financial institutions. Progressives say a Warren-led CFPB would have the teeth its supporters intended.

In a statement posted to the PCCC website, Conway said he shares the view that Warren has proved her value as the head of the Congressional panel charged with keeping track of how stimulus money is spent.

"Kentuckians deserve a strong nominee to fight for consumer protections in Washington," Conway said. "Elizabeth Warren has gained invaluable expertise protecting taxpayers as chair of the Congressional Oversight Panel and continues to stand up to Wall Street on behalf of consumers."

Conway also took the oppurtunity slam his opponent, Rand Paul. Conway said the Republican "wants to get rid of regulations."

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Elizabeth Warren

Franken, Progressive Groups Begin Whip Campaign For Elizabeth Warren

Brian Beutler | August 5, 2010, 8:00AM

Chair of the Congressional Oversight Panel created to oversee the expenditure of TARP, Elizabeth Warren.

The Progressive Change Campaign Committee and its new affiliate, the P St. Project, will launch a public campaign this week with the help of Sen. Al Franken (D-MN) to whip up support in the Senate for Elizabeth Warren's nomination and confirmation to head the Consumer Financial Protection Bureau.

PCCC, in partnership with the progressive group CREDO, rounded up 200,000 petition signatures in support of Warren, and will now team up with Franken to urge members to publicly commit to voting for her.

"Elizabeth Warren has proven that she is willing to stand up to Wall Street on behalf of consumers and is the logical choice to lead the Consumer Financial Protection Bureau," Franken said. "If appointed by President Obama, I would vote to confirm Elizabeth Warren to lead the Consumer Financial Protection Bureau."

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Elizabeth Warren

Dodd: No Recess Appointment For Warren, Who Still May Not Be Confirmable

Brian Beutler | July 27, 2010, 1:54PM

Sen. Chris Dodd (D-CT)

Senate Banking Committee Chairman Chris Dodd cast more doubts this afternoon about whether Elizabeth Warren could garner enough votes to head the newly created consumer financial protection bureau, one day after White House Press Secretary Robert Gibbs called her "very confirmable."

"I don't know, that's the question, how does he know that?" Dodd said in response to a question from TPMDC on his way in to the Democrats' weekly policy lunch.

"She's qualified, no question about that. The question is whether she's confirmable," Dodd added. "The issue is [if] you can't confirm somebody, if you go six or seven months without someone in that job, you've got a problem."

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Financial Reform

Administration Warms To Warren, The New Progressive Darling

Christina Bellantoni | July 26, 2010, 3:40PM

Chair of the Congressional Oversight Panel created to oversee the expenditure of TARP, Elizabeth Warren.

Even as the administration began sounding a more positive note on the potential of Elizabeth Warren earning President Obama's nod for the newly-created Consumer Financial Protection Bureau, she's emerged as the clear progressive favorite for the post.

Obama's team has recently seemed to warm to the idea that Banking Committee Chairman Chris Dodd splashed cold water on last week, with Press Secretary Robert Gibbs saying this afternoon that she's "terrific."

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Financial Reform

Barney Frank Presses Obama To Appoint Elizabeth Warren To Head Consumer Bureau (VIDEO)

Brian Beutler | July 23, 2010, 12:12PM

Rep. Barney Frank (D-MA)

The Democrats' top point man on Wall Street reform is pressing President Obama -- hard -- to appoint Elizabeth Warren to head the newly-created Consumer Financial Protection Bureau. In an appearance on MSNBC, House Financial Services Committee Chairman Barney Frank threw his full support to Warren and warned Obama that, unlike other disappointments, he'd be held directly accountable if the nomination goes to somebody else.

"It is essential to the bill and very, very important that Elizabeth Warren be appointed [to head the consumer financial protection bureau]," Frank said.

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Timothy Geithner

Geithner: Warren 'Would Be A Very Strong Leader' Of Consumer Bureau

Brian Beutler | July 22, 2010, 10:10AM

Treasury Secretary Timothy Geithner

Amid reports that he's actively sought to block progressive darling Elizabeth Warren from being appointed to head a soon-to-be-created Consumer Financial Protection Bureau, Treasury Secretary Timothy Geithner sung her praises to reporters today. But when pressed, he stopped short of endorsing her or saying that her nomination would please him.

"It's important to recognize that she is, I think, one of the most effective advocates for [financial] reform in the country," Geithner said at a Christian Science Monitor breakfast this morning. "She has enormous credibility.... She would be a very strong leader of this bureau, but that's a choice the President will have to make."

Geithner added that he'd not yet made an official recommendation to President Obama, but suggested one will be coming soon.

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Barack Obama

Obama Signs Wall Street Reform Into Law

Brian Beutler | July 21, 2010, 11:49AM

President Barack Obama

After several pen strokes, and plenty of pomp, the Wall Street reform bill became law this afternoon. At signing ceremony at DC's Ronald Reagan building, President Obama declared "These reforms represent the strongest consumer financial protections in history," adding that "unless your business relies on cutting corners or bilking customers, you have nothing to fear from reform."

Now the legislation must be implemented, which will be no small task. Some of the bills provisions are subject to years-long study by regulators before they become binding. Others are intentionally delayed for a variety of reasons. And still more simply take months to build up the capacity to enforce. At the White House yesterday, Deputy Treasury Secretary Neal Wolin told reporters he expects the newly-created Consumer Financial Protection Bureau to be running autonomously within a year.

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Financial Reform

Signs Point To Tough Haul For A Potential Elizabeth Warren Nomination

Brian Beutler | July 21, 2010, 8:56AM

Elizabeth Warren, Chairman of the Congressional Oversight Panel for TARP

Progressive pressure on President Obama to appoint Elizabeth Warren to head a soon-to-be-created consumer financial protection bureau has reached a fever pitch. But in a troubling sign for her supporters, the White House is remaining mum, and key senators aren't rallying to her defense. In some cases quite the opposite.

"Elizabeth can be a terrific nominee but the question is, is she confirmable? And there is a serious question about that," said Senate Banking Committee Chairman Chris Dodd during an interview on NPR Monday.

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Financial Reform

Axelrod: Warren A Candidate To Lead New Consumer Protection Bureau

Brian Beutler | July 16, 2010, 12:51PM

Press Secretary Robert Gibbs, Treasury Secretary Timothy Geithner, and Director of the Office of Management and Budget Peter Orszag

The Obama administration is in cleanup mode, after the Huffington Post reported that Treasury Secretary Timothy Geithner has actively sought to keep consumer watchdog Elizabeth Warren from being named to head a soon-to-be-created Consumer Financial Protection Bureau.

On a conference call with reporters this afternoon, President Obama's top political adviser David Axelrod sought to calm the waters. "Elizabeth is certainly a candidate to lead it," he said.

That sentiment was echoed this morning by Michael Barr, Assistant Treasury Secretary for Financial Institutions. "I don't know where that came from," he said on a conference call. "She's been working closely with me and Secretary Geithner for a year and half to push for this consumer protection bureau. I believe and Secretary Geithner believes that she's exceptionally well-qualified to run it."

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