Although the news made headlines Thursday, the official announcement didn’t come until Friday: Elizabeth Warren is the top cop at the new consumer financial protection bureau she originally proposed back in 2007, charged with setting it up and getting things rolling.
She hasn’t hesitated to take the reins, either, blogging this morning on the White House blog that she “enthusiastically accepted” the post and is “confident that I will have the tools I need to get the job done.”
While President Obama’s choice was widely lauded by consumer organizations and numerous Democrats and even Republicans who have spoken out in the past weeks to support her, the appointment didn’t come without questions and disappointments.
First, her title is Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau. The appointment itself is a temporary thing, not the five-year permanent director slot; many of those on both sides of the issue are critical of the appointment, regarding it as an “end run” around a Senate-confirmed appointment (notwithstanding language in the Dodd-Frank bill that allows just such a method of appointment).