Obama May Name Elizabeth Warren as Interim Head of Consumer Agency
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President Barack Obama may appoint Elizabeth Warren as the interim head of the new consumer protection bureau, avoiding a possibly contentious Senate confirmation. The White House is exploring ways that Warren could run the bureau without having to go through a confirmation battle, The New York Times reported
without naming its sources.
Warren is the front-runner to head the new bureau, which will have power to enforce regulations covering financial products including mortgages and credit cards. She's the firm favorite of consumer-advocate groups but has little support within the financial community.
Obama could name Warren using a recess appointment, though that would only last until the end of 2011.
White House spokeswoman Amy Brundage declined to comment on the possibility of a temporary appointment for Warren.