Elizabeth Warren Resigns From Consumer Financial Protection Bureau
Move Comes Shortly Before Official Operations of Consumer Protection Agency Begin
by Kevin Schneider on August 11, 2011
Only days before the Consumer Financial Protection Bureau was to open, one of the main figures behind its construction, Elizabeth Warren, has resigned as its director. The interim director has been named as Raj Date while Congress approves the nomination of a new director.
Raj Date has been serving as the associate director of research, markets, and regulations, but will now become a special advisor to Treasury Secretary Timothy Geithner and run the daily operations of the organization.
It is unclear how long it will take for a replacement for Date to be approved. President Obama has already named a nominee, Ohio Attorney General Richard Cordray, for the post, but he has been met with strong conservative opposition. A total of 42 senators have said that they will not approve the nomination until Obama agrees to change many of the functions of the CFPB.
The changes would disable many of the powers previously granted to the agency over the regulation of many financial institutions like payday lenders. These changes have already been passed by the Republican-controlled House and would include eliminating the post of director altogether, instituting a 5-person bipartisan commission in its stead.
Federal Reserve Chairman Ben Bernanke warned against the move, “We must not lose sight of the reason that we began this process: ensuring that events like those of 2008 and 2009 are not repeated. Our long-term economic health requires that we do everything possible to achieve that goal.”
Warren has done an “extraordinary job” said Geithner. She is expected to return to her previous post as a Harvard law professor and be teaching during the fall semester. Of Date, Geithner said, “Raj has an impressive background in financial services, academia, government, and nonprofit organizations, and I am pleased that he will serve in this new capacity as the CFPB continues moving forward with its important work.”
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