Granholm reportedly shortlisted to head consumer protection bureau

[Jimaz]

Granholm reportedly shortlisted to head consumer protection bureau

The White House is considering Federal Reserve Governor Sarah Raskin and former Michigan Gov. Jennifer Granholm to head a new agency charged with protecting consumers of financial products, a source aware of the process said on Tuesday.

The consumer protection body will have broad powers to rein in abuses in the financial industry and was created in response to the aggressive and sometimes predatory lending practices that contributed to one of the worst financial crises in U.S. history in 2007-2009....

[East Detroit]

Should be Elizabeth Warren.

But let's play politics.

[firstandten]

Granholm already has come out and said she's not interested and Elizabeth Warren should be the choice.

[oladub]

This new agency will not be a part of the federal government. It will be part of the privately owned for profit Federal Reserve. Regulatory rules will be imposed on Americans and businesses by an agency of the privately owned Federal Reserve instead of our government. So much for the Republic. Obama and Hillary don't need Congress anymore to authorize wars either.

[mjs]

"Law professor Elizabeth Warren, an outspoken consumer advocate and harsh critic of industry practices who had championed the bureau's establishment, had been a leading candidate to run it but was seen as too confrontational to industry to overcome objections from Senate Republicans."

Well, as long as there's a good reason! We don't want to hurt the criminals' feelings. We need to fill this position with someone more like Geithner or the other Goldman Execs we keep flipping back and forth between regulating the industry and devising the industry's next big scam.