I’m not sure I grasp the logic here:
“What you don’t need to have is an eight-month battle for who the director or the head or chairperson of this new consumer financial protection bureau will be,” Dodd, a Connecticut Democrat and chairman of the Senate Banking Committee, said in an interview on Bloomberg Television’s “Conversations with Judy Woodruff,” to be broadcast today.
Considering Mitch McConnell’s apparent reluctance to allow anyone to be confirmed to anything, I don’t see any particular reason to believe Michael Barr or anyone else will have a smooth confirmation process. And under the circumstances, isn’t an eight-month battle over the confirmation of a charismatic consumer champion exactly what you need? Realistically, the macroeconomic trends portend doom one way or the other, but that seems like about the best political fight you can imagine.
A cynical colleague suggested that Dodd is just looking to set himself up as a bank lobbyist. But my cynical colleagues aren’t cynical enough! Putting Warren in office will massively increase the market for bank lobbyists since you can tell people that the CFPB is going to come up with all kinds of nutty ideas that more “reasonable” members of the administration will be willing to overrule if you hire the right former Senator to make the case.