Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Hurdles for Warren in Agency Launch

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
 
Frank Booth Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 05:09 PM
Original message
Hurdles for Warren in Agency Launch
Source: Wall Street Journal

Elizabeth Warren faces logistical, legal and political challenges as she attempts to build credibility for the new Bureau of Consumer Financial Protection.

President Barack Obama on Friday named Ms. Warren, a Harvard Law School professor and outspoken critic of many banking-industry practices, to senior posts in his administration, where she will play a lead role getting the agency up and running by July 2011. That is when it is supposed to be independent of the administration, responsible for writing and enforcing consumer-credit rules.

The new agency is a central plank of the Dodd-Frank financial-overhaul law that passed in July, and it will have the authority to examine some of the country's biggest banks, such as Citigroup Inc., Bank of America Corp., and J.P. Morgan Chase & Co.

But there could be constraints on her power. Because Ms. Warren won't be serving as the agency's first director, she may have to leave when it is set up. She also could face legal challenges if she attempts to write rules or guidelines during her tenure, as the law suggests only the "director" of the agency has this authority.

Read more: http://online.wsj.com/article/SB10001424052748703904304...



Looks like this will be the Republicans'/Blue Dogs'/Wall Street's line of attack.
Printer Friendly | Permalink |  | Top
DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 05:15 PM
Response to Original message
1. If Im not mistaken it was setup so that Geithner was director until a vote on a replacement
I imagine thats why Obama had to set her up as an adviser, giving her the ability to set it up with Geithner as the front man while Congress diddles with themselves.
Printer Friendly | Permalink |  | Top
 
Frank Booth Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 05:20 PM
Response to Reply #1
4. You're right. I just found this:
"The CFPB is an independent executive agency established in the Federal Reserve. The authorities of the CFPB took effect upon Enactment, and the Secretary of the Treasury is authorized to perform the functions of the CFPB until the Director is confirmed by the Senate." http://www.dwt.com/LearningCenter/Advisories?find=31121...

So, I guess if Geithner signs off on everything Warren suggests there won't be any problems. That could be a big "if", though.
Printer Friendly | Permalink |  | Top
 
DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 05:25 PM
Response to Reply #4
6. Yeah, its that "if" that has me worried
I dont trust him when it comes to regulating his buddies in the banking industry.
Printer Friendly | Permalink |  | Top
 
bluestateguy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 05:16 PM
Response to Original message
2. This is a pee in my Wheaties story, so I am unreccomending it
nt
Printer Friendly | Permalink |  | Top
 
Ruby the Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 05:19 PM
Response to Reply #2
3. You would rather be blindsided?
Rec'd. We need to know what these guys and their legal squadrons are up to.
Printer Friendly | Permalink |  | Top
 
asjr Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 05:21 PM
Response to Original message
5. She is not even halfway out of the gate and this sort
of thing is already out there. Dodd is probably behind it.
Printer Friendly | Permalink |  | Top
 
Frank Booth Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 05:35 PM
Response to Reply #5
7. Could be. I hope it's not Geithner or his boss Summers, though,
because Geithner has the direct ability to quash anything Warren suggests.
Printer Friendly | Permalink |  | Top
 
ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 05:39 PM
Response to Original message
8. Absolute garbage
"Elizabeth Warren faces logistical, legal and political challenges"

What nonsense. The GOP media trying to create another false perception.

The President appointed Elizabeth Warren was to set up the agency. She is the interim head. Period.

Printer Friendly | Permalink |  | Top
 
Demit Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 07:03 PM
Response to Reply #8
10. No, she is not the interim head. Geithner, as Sec of the Treasury is.
That is how the bill was written. Until a Director is nominated & approved by the Senate, all powers of the new bureau are in the hands of Treasury. Warren was appointed to set the bureau up, and she will have some powers in that capacity, but not all. It's not spin, or perception, it's statutory language incorporated into the FinReg Bill.
Printer Friendly | Permalink |  | Top
 
Doctor_J Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 05:51 PM
Response to Original message
9. Another package of rubbish from the Murdoch Journal
I can't believe this shit is allowed at DU
Printer Friendly | Permalink |  | Top
 
russspeakeasy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 10:34 PM
Response to Original message
11. In 3 months you won't be able to find her...in 6 months no one in
the White House will be able to tell you where she is, except,
"that she is on top of things and doing a wonderful
job..."
Tim doesn't want her and Tim gets his way...
Printer Friendly | Permalink |  | Top
 
girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-18-10 11:19 PM
Response to Original message
12. Brooksley Born v2.0
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Tue Oct 21st 2014, 08:37 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC