Sep 10, 2010
* Obama heaps praise on Elizabeth Warren for consumer bent
* Not ready to make official announcement on agency post
* Says has had multiple conversations with her about job
WASHINGTON, Sept 10 (Reuters) - President Barack Obama said
on Friday he will "soon" announce his nominee to head a new
consumer financial protection agency, while offering praise for
his "dear friend" Elizabeth Warren, who has been seen as a key
contender for the post.
Warren, a Harvard law professor who Obama said he has known
since his own law school days, has rankled Wall Street in her
role as a watchdog for the government's $700 billion bailout of
the financial system.
"I have been in conversations with her. She is a tremendous
advocate for this idea," Obama said when asked during a rare
press conference about Warren's prospects. "It's only been a
couple of months, and this is a big task standing up this
entire agency."
Bankers, hedge fund managers and brokers have slammed
Warren for what they say is her use of a judgmental and
dogmatic tone when talking during frequent television
appearances about the financial services industry.
Obama, who has raised Wall Street's ire himself with heated
rhetoric against banker pay and greed, heaped heavy praise on
Warren. But he said he would not deliver an official
announcement until it is ready.
The new Consumer Financial Protection Bureau was created as
part of the Dodd-Frank Act, the financial reform legislation
signed into law in July in the wake of the 2007-2009 financial
crisis.
Lawmakers, including Senate Banking Committee Chairman
Christopher Dodd, have voiced concerns that Warren might not be
able to muster the 60 votes that could be needed to defeat
Republican opposition in the Senate to her confirmation.
Obama would not specifically comment about her chances in
the confirmation process.
"I'm concerned about all Senate confirmations these days,"
he said, adding that he would be concerned about getting a "dog
catcher" confirmed.
(Reporting by Karey Wutkowski; Additional reporting by
Patricia Zengerle; Editing by Leslie Adler)
View Source
