Another Dishonest, Untruthful and Corrupt move by Obama!

Here's another dishonest end run by Obama to put another liberal extremist into a very powerful position and avoid congressional review. This President and his Administration is Dishonest, Untruthful, Corrupt and frankly doesn't give a damn aboout the checks and balances that have been built into our Government. If this person is so good and is right for the job then she ought to be able to pass muster with a Congressional Review!


Obama Picks Warren to Set Up Consumer Bureau

By JACKIE CALMES and SEWELL CHAN
Published: September 17, 2010

Elizabeth Warren, the Harvard law professor who became a darling of the left for her championship of the Consumer Financial Protection Bureau, was appointed by President Obama on Friday to oversee its establishment by mid-2011, until a director is named later.

The appointment will allow Ms. Warren, “a janitor’s daughter,” as Mr. Obama called her in a Rose Garden introduction, to effectively get the agency up and running without having to go through a contentious confirmation battle in the Senate — a fight that a leading Democrat, Senator Christopher J. Dodd of Connecticut, predicted she could not win given opposition from Republicans and the financial industry.

Mr. Obama said Ms. Warren would recruit staff and initiate policies for regulating mortgages, student loans and other consumer credit products, and would have a voice in picking the first director. The favorite among administration officials is Michael S. Barr, an assistant secretary of Treasury for financial institutions who is an authority on financial regulation and on services for low and moderate-income households.

The interim role for Ms. Warren averts a political problem for Mr. Obama in this election season. Rejecting her would have angered many party liberals, who already are demoralized by administration policies they view as too centrist and friendly to Wall Street. Liberal and consumer groups had lobbied hard for her, along with some lawmakers including Representative Barney Frank of Massachusetts, the chairman of the House Financial Services Committee.

“This is the boldest step Obama’s taken so far to rein in the big Wall Street banks,” the leaders of the group MoveOn.org, who often are critical of the president, wrote in an e-mail to members.

Business groups, while disappointed, privately acknowledged relief that Ms. Warren appeared unlikely to become director.

The creation of the bureau was a central piece of the legislation overhauling the financial regulatory system that Mr. Dodd sponsored and Mr. Obama signed into law in July. Its genesis was an article that Ms. Warren wrote a year before the near-collapse of the financial system in 2008, a crisis blamed in part on abusive mortgage practices.

“Basically, the Consumer Financial Protection Bureau will be a watchdog for the American consumer, charged with enforcing the toughest financial protections in history,” Mr. Obama said.

Ms. Warren was named an assistant to the president, a designation that is held by senior White House advisers. She also will be a special adviser to the Treasury secretary, Timothy F. Geithner, and report jointly to him and the president.

While Mr. Geithner nodded vigorously in approval as he stood in the Rose Garden with Mr. Obama and Ms. Warren, his dealings with her have been the subject of much speculation. Ms. Warren, as the chairwoman of the Congressional panel that oversees the Troubled Asset Relief Program, has often been critical of Mr. Geithner and his department for the management of the financial rescue program. Privately, Mr. Geithner promoted Mr. Barr for the consumer post.

Under the financial regulation law, Treasury will have the powers delegated to the bureau until a permanent director is nominated and confirmed by the Senate to a five-year term. Next July the bureau will assume the regulatory power for consumer rights now vested in a range of agencies, including the Federal Reserve, the Federal Trade Commission, the Federal Deposit Insurance Corporation and the Department of Housing and Urban Development.

Once a director is confirmed, the bureau can issue regulations and enforce new standards for mortgages, credit cards, payday loans and a wide array of other financial products.

It is expected to have a budget of up to $500 million and hundreds of employees, many of them drawn from the agencies that will give up responsibilities for consumer protection. The bureau will nominally be part of the Fed, which is obligated to finance its budget, but its personnel and rule-making decisions are to be made independent of the central bank.

Ms. Warren, 61, an authority on bankruptcy law, developed her following among liberals with her writings and advocacy on behalf of working-class families. But she has drawn fire from financial institutions for her persistent attacks on abusive, deceptive and unfair lending practices. Banking executives as well as some Treasury officials say she has been overly broad in criticizing those practices, and showed some misunderstanding of financial markets.

Republicans were quick to criticize Mr. Obama for circumventing a Senate confirmation. Senator John Thune of South Dakota, the chairman of the Republican Policy Committee in the Senate, said in a statement, “This appointment lacks transparency and represents the latest power grab by the president to expand the reach of an intrusive government into the lives of Americans.”

Ms. Warren, writing on the White House Web site, said, “The new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market. The time for hiding tricks and traps in the fine print is over.”