Dodd-Frank at odds
August 12, 2010 | CFPB Nomination, Elizabeth Warren, Financial Reform Bill - CFPB, federal legislation | Comments (0)Missed this WSJ piece yesterday:
Sen. Christopher Dodd and Rep. Barney Frank worked in tandem to shepherd the financial-overhaul bill through Congress, but the two Democrats are at loggerheads now over the administration’s first major move to turn the Dodd-Frank legislation into reality.
The discord is over who should lead the new Consumer Financial Protection Bureau, a key plank of the new law. Mr. Frank, the House Financial Services Committee chairman, has joined his party’s liberal base in pushing for Harvard Law Prof. Elizabeth Warren to head the bureau, and wants her named without delay.
Mr. Dodd, the Senate banking chairman, questions whether Ms. Warren could get the 60 votes needed for confirmation. He appears to be waging a one-man campaign to persuade the White House to nominate anybody else.
Even if Ms. Warren could be confirmed, a heated battle over her in the Senate would likely delay the new agency’s writing of new financial rules, something Mr. Dodd wants to avoid.
Mr. Dodd went so far as to ask a Republican, Federal Deposit Insurance Corp. Chairman Sheila Bair, to consider the post. She declined.
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