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August 03, 2010 at 08:00 PM
A group of 141 leading law and other professors from across the U.S. sent a letter to President Obama on Tuesday, August 3, encouraging him to appoint Elizabeth Warren, the Harvard Law Professor and former chair of the Congressional Oversight Panel for TARP, as the first director of the new Consumer Financial Protection Bureau, established by the Dodd-Frank Act.
The implementation deadline for the Dodd-Frank Act states that the Consumer Financial Protection Bureau (CFPB) is “expected to assume full authority for consumer financial protection no later than 1 year after enactment” of the Act. But there is no time limit for the appointment of a director to the CFPB. If a director is not named before the consumer bureau is created, Treasury Secretary Timothy Geithner will have interim authority over the CFPB until a director is named
In their joint letter, the professors–which say they specialize in subjects relevant to the Consumer Financial Protection Bureau and hail from disciplines including law, economics, management, sociology, and political science–list Warren’s many accomplishments. The professors say that one of Warren’s top credentials is that fact that she is “a nationally renowned expert on consumer finance.” (See a full list of the signers and the text of the letter.)
