The Washington Post’s Katrina vanden Heuvel urges the president to appoint Elizabeth Warren as CFPB head, but also addresses why having no director in place could be debilitating to the new agency’s rulemaking process.

By July 21, a director needs to be in position or the agency forfeits powers over non-bank financial institutions until one is in place. Purblind Republican obstruction liberates the president to do the right thing. Given the GOP’s threat, no nominee for the CFPB can be confirmed by the time the bureau can begin instituting rules. It would be a true disservice to Americans — and a craven cave-in to the bank lobby — to allow this to happen. Obama can either make a recess appointment — or be trapped in an endless no-win negotiation with those who have opposed the bureau from the start.