In the latest Consumer Financial Protection Bureau leadership news, Bloomberg News reports that President Obama has included Elizabeth Warren in a short list of candidates to be considered for the position of CFPB director. Warren is currently tasked with setting up the CFPB leading up to its July 21 launch date.
The list of potential leaders now includes a group of people with financial-services experience, according to Bloomberg’s report, with Warren among them. The administration is hoping for a decision in the coming weeks, the report says, citing an unnamed government official.
In recent weeks, the CFPB leadership structure has been challenged by the House Financial Services Committee, which introduced a bill that would change the leadership structure to a five-member panel, rather than a single director.
It was recently reported by Reuters that Federal Reserve Governor Sarah Raskin and former Michigan Governor Jennifer Granholm were being considered for the director position, although Granholm later said she had declined to be considered.
While Warren has been leading the bureau up to its official start date, if nominated, she would have to pass a Senate confirmation hearing.
“Obama met recently with advisers to discuss the nomination, according to a person briefed on the talks,” the Bloomberg report states. “He may announce a nominee with the expectation that he will make a recess appointment if it becomes clear the Senate won’t confirm a director in time for the CFPB’s scheduled July 21 start date, according to a person with knowledge of the bureau’s efforts.”
Read the Bloomberg article.
Written by Elizabeth Ecker
