Three Candidates For Consumer Regulator
According to sources close to the White House, three possible candidates are being considered to head the new Bureau Of Consumer Financial Protection. The first is Elizabeth Warren, a Harvard Law School Professor who leads the Congressional Oversight Panel that monitors the $700 billion Troubled Asset Relief Program, and is the author of an article generally considered responsible for the notion of an independent consumer-financial-protection regulator. In addition, she spent over a decade combating the banking industry while Congress moved to adjust bankruptcy laws. The second candidate is Michael Barr, the Treasury Department Assistant Secretary, who was an architect of the financial-overhaul bill and struggled to preserve many of the consumer agency’s powers despite fierce opposition. The final candidate is Gene Kimmelman, the Justice Department chief counsel for competition policy and intergovernmental relations, who has served as vice president for federal and international affairs at Consumers Union. Mr. Kimmelman is a recognized advocate and expert of consumer issues.
All three candidates could cause the banking industry stress, as each has been involved in conflicts with financial companies more than once. In contrast, Liberal groups that had previously been concerned that the administration would choose a banking professional or someone who demonstrated sympathy to banks, could be satisfied with any of the three.
The new Bureau of Consumer Financial Protection is to be created as a direct result of the financial-overhaul the Senate passed on July 15th. President Barack Obama expects to sign the bill into law next Wednesday, July 21st, and will likely not wait long before nominating a candidate to head the new consumer agency.
When appointed the director of the consumer regulator will be responsible for writing policies governing topics from credit cards to mortgages, and will have the power to examine and discipline large financial companies.
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