Obama Eliminates Warren as Consumer Head [View All]

[kpete]

Source: Bloomberg

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.

The president’s choice is a person who already works at the consumer agency, the person said today. Obama may make the nomination as soon as next week, another person briefed on the administration’s plans said.

The people, who spoke on condition of anonymity because the process isn’t public, didn’t give the name of the choice.

Elizabeth Warren, a Harvard professor, was appointed last fall by Obama to set up the consumer bureau until a director was named. Warren previously was head of the congressional watchdog panel overseeing the bank bailout.

Read more: http://www.bloomberg.com/news/2011-07-15/obama-eliminates-warren-as-consumer-head.html