Consumer Finance Protection Agency part II
Tyler Parks
The Consumer Financial Protection Bureau is good to go except for one thing: It needs a leader.
Of all the candidates promoted for the position, Elizabeth Warren is getting the most attention. Warren, a professor of law at Harvard University, was the person who originally proposed the idea of a central office to protect regular borrowers and savers. She is well known as an advocate of the people, especially in her role as chairperson of the panel overseeing the $700 billion bailout fund. Rumor has it that Treasury Secretary Tim Geithner is opposed to her appointment. Having been interrogated by Warren during her time as chairperson of the Congressional Oversight Panel, Geithner knows just how tough Warren can be. According to The Huffington Post, “Her toughness on giant banks is said to be a longtime source of tension between the two [Geithner and Warren]."
Michael Barr, an assistant secretary of the Treasury, is who Geithner prefers in the position. Barr fought against GOP efforts to weaken the consumer agency. Seen as an insider, his critics also say he lacks the communication skills of Warren, who has already been proven to be media savvy.
The third candidate is Gene Kimmelman, who is also well qualified. Kimmelman is currently vice president for Federal and International Affairs at Consumers Union, which is a nonprofit organization trying to maintain a fair, just, and safe marketplace for all consumers. He was also the lead consumer advocate during the governmentʻs consideration of the Telecommunications Act of 1996 and has a degree in law from the University of Virginia.
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