President Obama Considers Candidates for CFPB Director Position
Earlier this week, Bloomberg reported that President Obama has created a short list of candidates to lead the Consumer Financial Protection Bureau (CFPB). The list includes Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB. According to Reuters, the list also includes Federal Reserve Governor Sarah Raskin and close associates of Ms. Warren.
The CFPB is scheduled to become fully operational on July 21. The White House could make a nomination in the next few weeks, which would likely draw a fierce confirmation battle led by Senate Republicans. Alternatively, the administration may wait until the Senate recess in August to make a recess appointment. A recess appointee could serve through the session of Congress which ends in 2012.
At least two prospective candidates have publicly declined to be considered for the position. Former Michigan Governor Jennifer Granholm and former Ohio Governor Ted Strickland both announced that they do not want the position and that they believe Ms. Warren is the best candidate for the job.
