The Elizabeth Warren end run

[SidDithers]

http://finance.fortune.cnn.com/2010/09/16/the-elizabeth-warren-end-run/

Key Senators refused to sign off on Warren as even interim head of the Bureau of Consumer Financial Protection, so the Obama administration has bypassed them altogether.

<snip>

Corker hoped that the report would prove false, but it seems his twin fears have become reality: the president had bypassed a Senate in the throes of election-driven partisan warfare and had ensured that Warren, enemy of bank lobbyists, would have sway over a bureau she championed to create, with a mission to protect consumers.

The administration had toyed with the idea of making Warren, 61, an interim appointee, or pushing her into the agency via a recess appointment, but both options died when key Senators Olympia Snowe (R-ME), Susan Collins (R-ME) and Chris Dodd (D-NY) opposed such plans this week. Dodd is the head of the influential Senate Banking Committee, while Collins and Snowe have played the role of key Republican swing voters, siding with Democrats in bruising battles over healthcare and financial reform.

So Obama found a third way. According to reports, Warren will be a presidential assistant and special adviser to Treasury Secretary Tim Geithner, rather than the head of the new bureau. The move allows the high-profile consumer advocate to set up the new agency, hire staff, and give it her imprimatur.

Much more at link.



Looks like Obama and Warren outsmarted the opposition, and managed to get the agency started NOW, instead of after months of fighting and haggling with Republicans, some Democrats, and Wall Street.

Well done.

Sid

[Subdivisions]

1. K&R! Yes, it was a very shrewd move. Bravo Mr. President. n/t

[Tarheel_Dem]

2. It amazes me how the "true progressives", among us, don't see this as a victory.

How would a long, drawn out confirmation be good for consumers? If she's there to assist in building this agency from the ground up, what's there to complain about?

[uponit7771]

5. Debbie Downers see the end around as an excuse to bash Obama

[chimpymustgo]

10. Because Obama could have made a recess appointment or named her Acting Director - without the

confusion that has arisen about how much power she'll really have. Obama will still have to appoint a Director - and it won't be her.

Doesn't really make sense.

[Tarheel_Dem]

11. Yeah, I know. Woulda, shoulda, coulda. She's heading up the agency.

And the Obama critics don't seem to think much of Elizabeth anymore? Why is that? Why would she leave her current job to take this lackey position? Is she complicit with the administration in perpertrating a fraud on the "true progressives"? Is that what you're getting at?

Under the bus with Elizabeth now? Has she betrayed the "true progressive" community? :rofl:

[girl gone mad]

16. It makes total sense..

as a mid-term political ploy.

[HiFructosePronSyrup]

13. Because they're "principled".

Kind of like how Fox is fair and honest.

[LiberalAndProud]

3. Fascinating article.

What Obama said about fighting powerful interests appears to be very true.

Dodd, eat excrement, you slimy slug!

[SidDithers]

4. +1...

especially the bit about Dodd :)

Sid

[LiberalAndProud]

12. Thanks SidDithers.

I'm actually replying here in hopes of kicking this thread, since there are harsh realities about the obstacles that Warren faced in the political labrynth described in this article.

The reaction of some puzzles me. I'm supposed to be disappointed that Obama thumbed his nose at Dodd and the rest of the naysayers in the senate to get Elizabeth Warren where she needs to be? I'm not. I wish we could celebrate our victories.

[Arkana]

6. He outfoxed 'em, he did.

[Beetwasher]

7. It Looks Like She Will Have A Lot Of Power, But I Gotta Say, There's A Lot Of Confusing Nonsense

Going around, since there ARE reports that she WILL be Director while the report you posted says she won't:

"By appointing Warren to a post within the administration - much as the White House did with "car czar" Steven Rattner and "compensation czar" Kenneth Feinberg - Obama would free her to act as the bureau's director beginning immediately while avoiding a confirmation battle. The move also will thrill the consumer groups, labor unions, academics and liberal lawmakers that have lobbied relentlessly for her to lead the new regulator."

[Spazito]

8. Well done, indeed!

Recommended.

[Scurrilous]

9. K & R

:thumbsup:

[Gin]

14. we have placed all of our hopes for fairness on one woman...

how pathetic is that?

[Hekate]

15. Kick and Rec. Obama has elements of the Trickster in his makeup, that he does.

Well done! :bounce:

[ChimpersMcSmirkers]

17. "Chessmaster" or not this is a very good move.

[Whisp]

18. superbly done. as expected.

Obama is nobody's fool!

[JoeyT]

19. K&R

I wish the lobbyists the best of luck buying her off or influencing her policy. They're going to need it.

We're decades overdue for some real protection for consumers in this country, so it's good that we'll finally see some of that happen.