CFPB directorship post in doubt for Elizabeth Warren

The White House wants financial reform, but cannot seem to hit the mark when it comes to finding leaders for such companies as the CFPB and OFR, writes CNBC. CFPB candidate Elizabeth Warren is too extreme in the minds of GOP U.S. Senate critics, while OFR candidates are begging out of that six-year political mosh pit. Without distinct leaders at the helm, both groups will fail to fulfill their promise. Resource for this article – CFPB directorship post in doubt for Elizabeth Warren by MoneyBlogNewz.

Office of Financial Research, Consumer Financial Protection Bureau candidates do not would like to be considered

The OFR, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act, can be charged with improving the quality of financial data accessible to policymakers, such as information concerning credit cards, money advances and the payday cash advance industry.

The Office of Financial Research will not ever go anywhere if a chair cannot be found by the White House. Such high-profile candidates as Yale economist Robert Shiller (of Case-Shiller Home Price Index) have excused themselves from White House consideration because they think the six-year commitment and Washington war games aren’t worth the hassle.

CNBC got an anonymous source to talk about it. The source said a specific person is needed to fill the Office of Financial Research post.

The position “needs a tough-guy-like attorney" who isn’t afraid of dogfights, said the source.

Radicals not allowed

Republican critics of Warren claim that she’d be inappropriate for the office of Consumer Financial Protection Bureau director because of a "radical pro-consumer agenda" that would drown every consumer financial industry from credit card businesses to payday cash loan lenders in penalty fees. Many Republicans, Democrats and Independents are worried about Warren getting appointed although President Obama has Prof. Warren in charge of the search.

Republican Sen. Judd Gregg of New Hampshire told ABC News that even considering Elizabeth Warren for the CFPB position is "a terrible adulteration of the process." Gregg said it’s inappropriate to let that spending budget power as high as $500 million is given to someone who’s outside of Congressional oversight.

"My concern is that she would use the agency for the purposes of promoting social justice versus for the purposes of promoting better credit and having a stronger financial system," said Gregg.

Prospect would be Shelby for Republicans

Senate Republican Richard Shelby, the senior GOP member of the Senate banking committee, is considered the top Republican choice to head the CFPB. ABC News explains that Shelby was against putting on the Federal Reserve board Nobel Prize-winning Peter Diamond who’s an economist. Shelby also vetoed the nomination to the Federal Housing Financial Administration Joseph Smith. Democrat-favored people are definitely opposed by Shelby.

Information from

ABC News

blogs.abcnews.com/thenote/2010/09/sen-gregg-elizabeth-warren-will-pursue-social-justice-agenda-in-new-post.html

CNBC

cnbc.com/id/41899062

Credit.com

credit.com/blog/2010/11/new-watchdog-gives-sneak-peak-at-her-agenda/

‘Consumers need a cop on the beat’

youtube.com/watch?v=2UCWIyOQpes