The president’s choice is a person who already works at the consumer agency, the person said today. Obama may make the nomination as soon as next week, another person briefed on the administration’s plans said.
Warren has been vigorously campaigning to keep the GOP-controlled House from diluting the bureau’s powers, including talking with community bankers in every state and meeting with hundreds of business and consumer representatives. Preparing for the agency’s opening, she supervised the hiring of more than 300 people.
The bureau cannot write rules to govern consumer finance until a director is nominated and confirmed in the Senate. After 44 Republican senators announced in May that they wouldn’t vote to approve any candidate to run the bureau without changes in its structure, with some calling for a five-person commission to replace the director position. Analysts said the White House might have to resort to a temporary appointment during a congressional recess. Sixty of the 100 senators are effectively required to vote for a nomination due to procedural rules. Read more…
Those “procedural rules” are a filibusters by the Republicans of nearly every single nomination put forth by Obama. They don’t want someone in there who will make substantial reforms, meaning oversight and new rules that will prevent abuses like the ones that caused the near total collapse of our economy. But what they do want is to be able to blame Obama for any future scandals and bailouts.