Elizabeth Warren May Sneak Past Senate to Protect Consumers From Banks

Update: Looks like this was a false alarm. The White House has released this statement about Warren (via TPM):

Elizabeth Warren has been a stalwart voice for American consumers and families and she was the architect of the idea that became the Consumer Financial Protection Bureau. The President will have more to say about the agency and its mission soon.

President Barack Obama may appoint firebrand consumer advocate and AWOL law professor Elizabeth Warren as interim head of the nascent Consumer Financial Protection Bureau, Bloomberg reports.

Great, right? The person who basically came up with the idea of a federal regulator that protects consumers from malicious banks will head the operation. Almost too perfect. But wait, what’s this interim business?

Well, a permanent Warren appointment would carry with it the unpleasant matter of a Senate confirmation, and it’s unclear whether Obama has the votes to get Warren through.

The bureau would have a budget of $400 million and was created as part of the Dodd-Frank financial reform bill. It will operate under the umbrella of the Federal Reserve.