President Obama is expected to announce this week that Elizabeth Warren, chairwoman of the Congressional Oversight Panel, will lead efforts to get the Consumer Financial Protection Bureau (CFPB) off the ground, according to a report in The New York Times. The report cites an unnamed official briefed on the decision.
Under the CFPB provision in the Dodd-Frank Act, the U.S. Treasury Department can name an interim head of the bureau without enduring what would likely be a difficult Senate confirmation. Warren's official designation would be as a presidential assistant. She would report to both Obama and Treasury Secretary Tim Geithner.
‘The decision does not preclude the possibility that Ms. Warren could eventually be named director, and at the least, she would play a pivotal role in deciding whom to appoint to the job, according to the official,’ The New York Times reports.
SOURCE: The New York Times