Huffington Post and other outlets are reporting that Obama will appoint Elizabeth Warren to...something at least:
The White House will tap Elizabeth Warren to be a special adviser to both the president and Treasury Department. The move allows her to act as an interim head of the CFPB and will enable her to begin setting up the agency immediately and prevent the GOP from filibustering her nomination. Warren could serve until Obama nominates a permanent director -- a nomination he's not required to make. Obama could also nominate her as the permanent director in the near future...
So it's clear Warren will have a seat at the table that makes economic policy in the White House, giving the middle class a voice where it's been sorely lacking. That's a victory. And it also seems clear Warren will have at least some hand in setting up and/or running the new Consumer Financial Protection Bureau to protect Main Street from Wall Street's greed. That's also good.
But the details matter. Will she serve as the "interim head" and will Obama potentially "nominate her as the permanent director" -- or is she really just "setting up" the agency with an understanding that Obama will not fight for her to lead it. I issued this statement tonight to the media in response:
"This news shows that consumers have momentum and are on the verge of winning. If Elizabeth Warren is given full power to run the new consumer protection bureau and hold Wall Street accountable, it will mean real change -- and voters will know that going into November's election. If this appointment is window dressing and Tim Geithner controls the show, it would be a big disappointment and a victory for Wall Street. President Obama should make clear that this appointment gives Elizabeth Warren real power to fight for consumers."
- We've collected over 200,000 petition signatures supporting Warren
- In the last week, PCCC has run online ads in DC and in New York (hitting Wall Street), urging President Obama to appoint Warren now
- PCCC members made over 5,500 phone calls to key senators supporting Warren
- PCCC partnered with Sen. Al Franken on a "whip count" that now lists 19 senators on the record. Jack Conway from Kentucky announced his support for Warren on PCCC's website.