Timmah Geithner vs Elizabeth Warren
by Pravin, Fri Jul 16, 2010 at 07:14:09 AM EDT
Who do you trust? Geithner who oversaw a bailout without adequate oversight? Or Elizabeth Warren who has been fearless in championing for the regular folk? I am not sure if I share as much empathy as Warren does for the little folk. But more often than not, I trust her. There is none of that untrustworthy vibe I get from Warren that I have gotten from Geithner.
Why am I talking about this? According to this article on Huffington Post, according to some sources, Geithner has expressed opposition to the possible nomination of Warren to lead the Consumer Financial Protection Bureau.
The financial reform bill passed by the Senate on Thursday mandates the creation of a new federal entity charged with protecting consumers from predatory lenders.
But if Geithner has his way, the most prominent advocate for creating the agency may not be picked to lead it.
Warren, a professor at Harvard Law School whose 2007 journal article advocating the creation of such an agency inspired policymakers to enact it into law, has rocketed to prominence since the onset of the financial crisis as one of the leading reform advocates fighting on behalf of American taxpayers.
Warren has been an aggressive proponent for the bureau in public and behind the scenes, working regularly with President Barack Obama's top advisers and the Democratic leadership in Congress. Since 2008, she has overseen the Congressional Oversight Panel, a bailout watchdog created to keep tabs on how two administrations spent hundreds of billions of taxpayer dollars to bail out Wall Street while struggling to keep distressed homeowners out of foreclosure and small businesses from collapsing.
Yet while her work on behalf of a federal unit designed solely to protect borrowers from abusive lenders has been embraced by the administration, Warren's role as a bailout watchdog led to strained relations with the agency her panel has taken to task with brutal reports every month since Obama took office: Geithner's Treasury Department.