Virtue is its own reward

Elizabeth Warren, Chairman of the Congressiona...

The soon to be unemployed Elizabeth Warren

As we know, President Obama nominated Richard Cordray to be the first Director of the Consumer Financial Protection Bureau. By making Cordray his pick, Obama passed over Elizabeth Warren, the woman who oversaw the actual creation of the Bureau. One might have expected Obama to take the highly competent and dedicated person who championed the Bureau and brought it into being. Yet, as Theresa Amato of Citizen Works and the Fair Contracts Project
points out:

[Obama’s] Wall Street supporters don’t like Warren and his political fundraising is underway with a bang. Elizabeth Warren is an aggressive, savvy and earnest advocate on behalf of consumers everywhere and she deserved to be nominated to this position for which she has worked tirelessly. Cordray, her lieutenant, is sure to carry on the work, but Obama has shamefully robbed Warren of the opportunity to run the entity she championed to make a difference for the American people.

This, unfortunately, will not stand as Obama’s only shameless and craven act. And, to be sure, the Congressional Republicans intend to block Cordray’s nomination if they have the chance to do so.

Shocking News

Bloomberg now reports that “President Barack Obama has chosen a candidate other than Elizabeth Warren as director of the new Consumer Financial Protection Bureau, according to a person briefed on the matter.” Warren has performed effectively and admirably while leading in the creation of the new Bureau.

As for Ms. Warren, David Dayen reports that:

…there has been substantial credible speculation that she’ll try to defeat Scott Brown in a race for Senate in Massachusetts. Over the past several weeks, she has had multiple meetings with the likes of DSCC head Patty Murray, Chuck Schumer, John Kerry and even David Axelrod, as well as a number of Congressmen from the Bay State. That is certainly suggestive that she either wants to run or those other people want her to run.