Another day, another Obama czar

Facing stiff opposition and pointed questions about the left-wing, anti-business advocate that he wanted to nominate as chairman of the new federal consumer financial protection bureau, President Obama once again circumvented the Senate’ constitutional advice and consent role and installed Elizabeth Warren with a wave of his hand:

Consumer advocate Elizabeth Warren will help set up a powerful new watchdog agency policing the financial marketplace on behalf of ordinary borrowers and savers, a Democratic official said Wednesday. But it’s unclear whether the Harvard University law professor will end up running the Consumer Financial Protection Bureau.

President Obama is expected this week to appoint Warren to an advisory position that reports to him and Treasury Secretary Timothy Geithner. As special assistant to the president and special adviser to Geithner, she will help get the agency off the ground.

Her new role will not require Senate confirmation. Senate Banking Committee Chairman Christopher Dodd, D-Conn., had predicted that senators might balk at confirming someone who faces considerable opposition from Wall Street.

Last week I was reading over at the DUmpster and they were calling for him slam her in without approval.

Yes, because the Dodd-Frank FinReg stuck the Consumer Financial Protection office into the Federal Reserve bureaucracy, and because it's a "temporary" appointment.

Warren picked to oversee creation of consumer bureau - TH, 2010 September 15, by Silla Brush and Sam Youngman

President Obama will name Elizabeth Warren to a position overseeing the creation of a new federal consumer financial protection office, according to a Democratic source.
The move will allow Warren, who originally pushed for the office as part of new financial regulations, to bypass full Senate confirmation. Warren would report to Obama and the Treasury Department, according to ABC News, which first reported the decision.
Warren would have faced a tough confirmation battle amid opposition from many Republicans.
Most Democrats and consumer advocacy groups have been urging the president to nominate Warren as the full-time head of the bureau. .....
Sen. Chris Dodd (D-Conn.), chairman of the Senate Banking Committee, has also said he wants the head of the office to go through a confirmation process.

The entire idea of Consumer Financial Protection Bureau is just appaling and should be scrapped in the new Congress, along with most of FinReg itself which will only cause more expenses for the banks passed on to consumers. There are courts to protect consumers from truly predatory practices and Internet created the entire generation of "prosumers" (credit to Alvin Toffler) who can evaluate the products and services.

Creation of Consumer Financial Protection Bureau is nothing more than a prelude to another Community Reinvestment Act fiasco.

Update today.

“Elizabeth Warren, named by President Barack Obama to set up the new consumer finance agency, was paid $90,000 this year to be an expert witness in a classaction lawsuit against some of the nation’s baggest banks...........In an interview, Warren said that she first discussed being an expert witness before joining the oversight panel in 2008. She said she cleared the outside work with the panel’s ethics council.”

Nothing like priming the pump there.

Yeah, this lawyer is an "expert" on chasing and extorting the credit card industry.

She is also a BFF ("best friends forever") with two incompetents - Mary Schapiro (SEC Chairman, who "missed" Bernie Madoff corruption when she ran FINRA, so was promoted by Obama to run SEC) and Sheila Bair (George W. Bush holdover, Chairman of FDIC):

Time magazine cover story on all selfless three of them of May 13, 2010 by Michael Scherer:
The New Sheriffs of Wall Street.

Another "bestest friend" of Elizabeth Warren is Michael Moore, in whose movies / mockumentaries she was "interviewed" as an "expert witness".

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.