News reports yesterday generated speculation that the Obama administration will offer Elizabeth Warren a so-called “interim appointment” to head the Consumer Financial Protection Bureau. The authority for the Treasury Department to grant an interim appointment — distinct from a “recess appointment” — comes from the financial reform law itself.
In dismissing the rumor last night, though, Senate Banking Committee Chair Chris Dodd — who authored the law — claimed he’d never heard of the interim appointment power.
“I don’t know what it is. I never heard of it before,” said a flabbergasted Dodd to TPMDC. “It’s kind of unique isn’t it?”In the past, aides had dismissed the interim-director possibility, suggesting that Warren would either be nominated the old-fashioned way, or given a recess appointment — if she got the nod at all.
The White House brushed off the CFPB rumors and remained mum about its plans, saying only that President Obama will announce his CFPB pick soon.