The consumer “watchdog” fight

walletA battle is brewing over who President Obama should nominate as the new consumer “watchdog” under the new financial regulatory reform law after he signs it.  Consumer advocates and activist groups are pressing him to tap outspoken Harvard Law Professor Elizabeth Warren, who now chairs the congressional panel overseeing the federal bailout of the nation’s banks.  Others feel she may not be able to get confirmed by the Senate.  BU Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and a former counsel to the Federal Reserve Board of Governors, notes that the new Bureau of Consumer Financial Protection will be a massive managerial undertaking with a $500 million budget and hundreds of employees.

“Its head should be someone who, in addition to sound policy instincts, has a proven record of managerial accomplishment.  A polarizing choice will dim the chances of the bureau carrying out its mission effectively.”

Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu

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