Obama will avoid Senate confirmation process for Warren posting

How is it that there are so many radicals in the Obama administration? Easy - appoint them to positions that don't require Senate confirmation or, as in the case of the radical, anti-capitalist Harvard Professor Elizabeth Warren, just skirt the process entirely.

Obama will create a "Special Advisory Role" at the brand new Consumer Financial Protection Agency and slot Warren in the position. She will be de facto head of the agency and therefore, avoid senate confirmation.

The Washington Post:

The financial overhaul bill signed into law in July gives this consumer watchdog - and the person who leads it - broad autonomy to write and enforce rules governing credit cards, mortgages and other such loans.
Under the law, the Treasury maintains responsibility for setting up the new regulator until the president nominates a director, subject to approval by the Senate.

By appointing Warren to a post within the administration - much as the White House did with "car czar" Steven Rattner and "compensation czar" Kenneth Feinberg - Obama would free her to act as the bureau's director almost immediately while avoiding a confirmation battle.

The hard left will swoon at this news. They created a litmus test for Obama over naming Warren to head up the agency and it appears that Obama caved to their demands.

By the way, the new agency will criminalize customer stupidity in buying financial products like mortgages, credit cards, mutual funds, and the like. If the customer complains to the new agency that they didn't understand the downside risk in purchasing a product, the person who sold them the product is exposed to criminal charges that may lead to jail.

Inevitably, this will lead to fewer Americans getting credit and mortgages, not to mention preventing many from even riskier investments like global mutual funds and "growth funds" that have more risk attached to them than blue chip stock and bond funds. Consumers will be asked to take a test of their knowledge regarding financial instruments and if it comes up short, they will only be eligible for certain products - "vanilla" mortgages and the like.

Another radical comfortably ensconced in the bureaucracy keeping us safe from our own folly.

How is it that there are so many radicals in the Obama administration? Easy - appoint them to positions that don't require Senate confirmation or, as in the case of the radical, anti-capitalist Harvard Professor Elizabeth Warren, just skirt the process entirely.

Obama will create a "Special Advisory Role" at the brand new Consumer Financial Protection Agency and slot Warren in the position. She will be de facto head of the agency and therefore, avoid senate confirmation.

The Washington Post:

The financial overhaul bill signed into law in July gives this consumer watchdog - and the person who leads it - broad autonomy to write and enforce rules governing credit cards, mortgages and other such loans.
Under the law, the Treasury maintains responsibility for setting up the new regulator until the president nominates a director, subject to approval by the Senate.

By appointing Warren to a post within the administration - much as the White House did with "car czar" Steven Rattner and "compensation czar" Kenneth Feinberg - Obama would free her to act as the bureau's director almost immediately while avoiding a confirmation battle.

The hard left will swoon at this news. They created a litmus test for Obama over naming Warren to head up the agency and it appears that Obama caved to their demands.

By the way, the new agency will criminalize customer stupidity in buying financial products like mortgages, credit cards, mutual funds, and the like. If the customer complains to the new agency that they didn't understand the downside risk in purchasing a product, the person who sold them the product is exposed to criminal charges that may lead to jail.

Inevitably, this will lead to fewer Americans getting credit and mortgages, not to mention preventing many from even riskier investments like global mutual funds and "growth funds" that have more risk attached to them than blue chip stock and bond funds. Consumers will be asked to take a test of their knowledge regarding financial instruments and if it comes up short, they will only be eligible for certain products - "vanilla" mortgages and the like.

Another radical comfortably ensconced in the bureaucracy keeping us safe from our own folly.

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