Yes, the bill hasn't even been signed into law, but people are asking who Obama will appoint to be the new CFPA head that would be stationed in the Federal Reserve.
Who will be the CFPA head?
The WSJ is the first to ask this question and I think it's an important one. A bland head at the agency may indeed still do good work there but an inspiring one would get people to work with them at the agency, especially since there would be a new financial bill that would be calling people to work. So the very first person to be head of this agency is going to be extremely important.
The question is, who will it be?
The president's choice of a director, subject to Senate confirmation, is almost certain to be controversial, given the power of the position and the fight over whether to create the agency in the first place.
Like Joseph Kennedy Sr., the first chairman of the Securities and Exchange Commission, the new director will shape the powerful agency's public image, initial priorities and starting lineup.
Democratic leaders in Congress say their top pick for the post is Elizabeth Warren, the high-profile Harvard law professor and an outspoken critic of what she sees as a too-cozy relationship between government and bankers.
Other potential candidates include Michael Barr, a Treasury assistant secretary and University of Michigan law professor with a longstanding interest in consumer finance; Democratic state attorneys general Martha Coakley of Massachusetts, Lisa Madigan of Illinois and Lori Swanson of Minnesota; Susan Wachter of the University of Pennsylvania's Wharton School, who served in the Clinton Department of Housing and Urban Development; and Nicolas Retsinas of Harvard's Joint Center for Housing studies, a former bank regulator and a low-income housing specialist.
Now as for Warren the folks who people are suggesting would be the best person to head the agency, I've actually contacted a few reporters (but I'm not going to say who). Anyways, they've provided the conflicting information on her as the pick with one stating it's "hers if she wants it" and another stating to "bet against it" being Warren. Both are VERY trustworthy reporters and as soon as the bill is signed, I'm sure we'll hear more about it.
But the choices are above, and I'll leave the comments to who should do it and why.