There’s a myth in Washington that — come its July 21 launch date — the consumer financial protection bureau created by the Wall Street reform law has to sit on its hands without a Senate-confirmed director.
But Treasury and those working to set up the bureau disagree. They’re preparing the bureau to wieldsome pretty big powers even without a director, many of which have gotten short shrift at other agencies.
[…] If no director is appointed and confirmed, Treasury Secretary Tim Geithner would step up to run the consumer bureau. That means he can continue to delegate management to his designee, Elizabeth Warren, the Harvard University professor who came up with the idea for the bureau and has been working to set it up over the past year. [read more]
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