The debate over Elizabeth Warren as new consumer finance agency's head

Elizabeth Warren is a leading contender for the new agency whose creation she espoused, but no nomination has yet been made.

Elizabeth Warren has not been formally nominated to head the new Bureau of Consumer Financial Protection, but it would be hard to tell that from the news coverage. The Gottlieb professor of law, who chaired the panel that oversaw the federal Troubled Asset Relief Program, has been the subject of editorials, columns, and front-page articles in the New York Times, Wall Street Journal, and Boston Globe. The White House has praised her, and Treasury Secretary Timothy Geithner has defended her on the Charlie Rose show on PBS.

Warren is a visible and obvious candidate because she herself floated the idea of creating the new agency in a 2007 article for the journal Democracy, and in a 2008 Harvard Magazine article; authorization of the agency became law last week with President Obama's signature. But there are two other candidates on the shortlist, the Times reports. In addition, Times chief financial correspondent Floyd Norris offers his analysis of the factors Obama must weigh in choosing a nominee, and of the challenges that lie ahead for the new agency. The New Republic examines the likelihood that Warren will be nominated and confirmed, and suggests that "it wouldn't be surprising."

The banking industry opposes Warren's candidacy: "She’s a partisan and she’s bull-headed and she’s opinionated," the head of the Oklahoma Bankers Association told the Times. But she has many supporters. She has been endorsed in both the Times and the Globe: "The banks don't oppose Ms. Warren because she doesn't get it," the Times editorial said. "They oppose her because she does." And the Wall Street Journal's David Weidner wrote, "Giving the job to someone else would be like letting Steve Jobs come up with the iPad and then giving it to Microsoft Corp. to market. You'd almost certainly lose the soul."

Related topics

You might also like

Five Questions with Nancy Gibbs and Thomas E. Patterson

The Washington Post laid off more than a third of its journalists. Does this signal a new era for newsrooms?

Harvard’s Epstein Probe Widened

The University investigates ties to donors, following revelations in newly released files.

Harvard Magazine Questionnaire: The True Cost of Grade Inflation

A faculty committee is recommending changes to grading at Harvard College to limit an overabundance of A's. Add your voice to the conversation.

Most popular

The True Cost of Grade Inflation at Harvard

How an abundance of A’s created “the most stressed-out world of all.”

What Bonobos Teach Us about Female Power and Cooperation

A Harvard scientist expands our understanding of our closest living relatives.

Readers Respond to Our ‘Law in a Lifeboat’ Survey

A sampling of answers about a moral dilemma

Explore More From Current Issue

Firefighters battling flames at a red building, surrounded by smoke and onlookers.

Yesterday’s News

How a book on fighting the “Devill World” survived Harvard’s historic fire.

Modern campus collage: Treehouse Conference Center, One Milestone labs, Verra apartment, and co-working space.

The Enterprise Research Campus in Allston Nears Completion

A hotel, restaurants, and other retail establishments are open or on the way.

A woman gazes at large decorative letters with her reflection and two stylized faces beside them.

The True Cost of Grade Inflation at Harvard

How an abundance of A’s created “the most stressed-out world of all.”