President Obama today announced his nomination to head-up the new Consumer Financial Protection Bureau -- and it isn't, unfortunately, the woman who had the original idea for the agency and has been overseeing its set-up. Elizabeth Warren, a Harvard law professor, is smart and tough, with unquestionable integrity, and you would think that these qualities would make her a no-brainer for the top spot in the CFPB, which is supposed to provide information to consumers and to keep an eye on banks, credit-card companies and other financial institutions -- all with the goal of protecting all of us from lies, schemes and predatory practices.
The Republican Party, of course, has a problem with any tactic that prevents their friends, and themselves, from getting richer. GOP senators made clear that Warren would not pass confirmation, so the president nominated an underling, Richard Cordray (whose nomination, it appears, will also be held up). While, again, I wish that Obama would fight back against the morons in Congress, there may be a bright side to this for those of us who live in Massachusetts. Warren's name has been tossed around as a possible Democratic challenger to Senator Scott Brown in the 2012 election. Warren said today that, with her work in DC done, she is returning to Massachusetts "to do more thinking" about a possible Senate run.
Warren would be an excellent candidate, and she would immediately have my support. I'm hoping she throws her hat in the ring.