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Released: July 19, 2011
Obama erred in dropping Elizabeth Warren to head agency
Source: David Lazarus, L.A.Times (Free Registration)
President Obama shouldn't have backed down. In announcing Monday that he's nominating former Ohio Atty. Gen. Richard Cordray to run the new Consumer Financial Protection Bureau, Obama clearly hoped to leapfrog over opposition to his original pick: Harvard professor Elizabeth Warren. Warren had drawn fire from the financial-services industry and its friends in the Republican Party for her passionate and unyielding commitment to consumer protection. They rightly perceived her as someone who would no longer accept banks' business as usual as business as usual. It's been increasingly clear in recent weeks that Warren, while unquestionably the best person for the job, wouldn't be nominated for the agency's top spot. Republican lawmakers declared that they wouldn't accept her under any circumstances.Read Full Article: Obama erred in dropping Elizabeth Warren to head agency
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