News In Brief

REPORT: Warren searching for replacement as consumer watchdog chief

Jaclyn Giovis Dec 30, 2010

When Elizabeth Warren took the job as interim chief of the new Consumer Financial Protection Bureau there were no guarantees the Harvard law professor would stick around for the long haul.

According to the Wall Street Journal today, Warren and a top lieutenant are quietly hunting for her replacement. The duo is asking business and consumer groups for names of people who might head up the bureau, the Journal reported.

Earlier this month, Marketplace Morning Report Host Steve Chiotakis interviewed Warren on her role and the bureau’s progress. When asked if she wanted to continue in the position permanently, she hedged: “I’m working fifteen hour days right now and have so much on my plate. I’ve got enough to keep my mind occupied without thinking about that issue.”

President Obama named Warren a White House adviser to start-up the agency. By assuming a temporary role, she avoided the politically-charged Congressional nomination process, which is required to hold the permanent job.

The watchdog bureau is considered Warren’s brainchild. It’s designed to help middle-class Americans avoid financial traps with credit cards, mortgages and other consumer products.

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