Posts tagged 'Elizabeth Warren'

Glass-Steagall, reanimated

PROHIBITION AGAINST TRANSACTIONS INVOLVING STRUCTURED OR SYNTHETIC PRODUCTS.—

 Read more

Senate vote on Cordray for CFPB chief nears

President Barack Obama will begin a media campaign this week to seek support for his nomination of banking industry critic Richard Cordray to head the new Consumer Financial Protection Bureau, reports Reuters. The White House strategy will be to try to pressure Senate Republicans to confirm Cordray by making an appeal directly to voters in the home states of those politicians. The Senate vote on Cordray tentatively scheduled for Thursday, Obama and his aides will give a series of media interviews on the nomination of Mr Cordray, a former Ohio attorney general who worked with Elizabeth Warren on forming the new agency. Republicans opposed creation of the consumer agency, which was created under the 2010 Dodd-Frank legislation overhauling Wall Street regulation.

Obama reveals CFPB nominee

President Barack Obama will nominate Richard Cordray as the first head of the new Consumer Financial Protection Bureau, the White House said on Sunday, heralding the end to a divisive year-long saga. The FT reports the decision means Elizabeth Warren, a strident advocate for the new agency who energised liberal Democrats and irritated conservative Republicans, is overlooked for the job and Mr Cordray, the CFPB’s head of enforcement and former Ohio attorney-general, will now run the gauntlet of a Senate confirmation process. Mr Cordray’s chances of Senate confirmation are helped by a lower profile than Ms Warren. But by working under her at the fledgling agency, particularly in pushing for strict penalties for banks who have broken rules in processing home foreclosures, he still faces tough scrutiny from Republicans.

 

New consumer watchdog meets with bankers

The FT reports that Elizabeth Warren has embarked on a whirlwind round of meetings with leading bankers in her first weeks setting up the controversial Consumer Financial Protection Bureau, according to records released in reponse to a Freedom of Information Act request. Jamie Dimon, chief executive of JPMorgan Chase, and Vikram Pandit, chief executive of Citigroup, are among the senior Wall Street executives to have met Ms Warren since she was appointed by Barack Obama to build the new agency. Republicans this week wrote to the Treasury’s inspector general to demand more transparency about the establishment of the CFPB, which most of them believe is an unwarranted intrusion into private business, as well as the activities of Ms Warren, whose appointment most in the party oppose.

Warren set for US consumer body

The Obama administration appeared poised to appoint Elizabeth Warren, a Harvard law professor, to set up its Consumer Financial Protection Bureau in a move that will delight the Democratic base and cause ructions in the Senate, reports the FT. Liberal Democrats have been urging the president to name Ms Warren to head the bureau, a move that would require her to be confirmed by the Senate, where she would face stiff Republican opposition. Officials said on Wednesday that they expected Ms Warren to be appointed to a role helping establish the bureau, which has broad powers to crack down on “abusive” selling of credit cards and mortgages.

Contrary indicators, US regulator edition

Investigators have put the entirety of Wall Street on the naughty step over subprime securities in recent days — and tough financial reform is zipping through the Senate.

But fear not, banks — everything will be fine. Read more