In an earlier blog post, I mentioned Tenn. Sen. Bob Corker’s letter to President Obama urging him not to tap Elizabeth Warren to head the new consumer financial protection agency by using a recess appointment or some other method that bypasses Senate confirmation.
So Obama found a middle solution that’s not what either Warren’s populist supporters or Republican detractors were hoping for.
There’s a provision tucked in the Dodd-Frank bill that allows Obama to select someone to “establish” – as opposed to “lead” – the agency. They’ll staff it up and get it going.
If Obama so chose, he could nominate Warren to direct it down the road. But that’s probably a fight he was eager to avoid, for now, with the midterms coming up.
Here’s video from Friday’s press conference announcing Warren’s new job.