Yesterday, President Obama signed the finance reform bill. It's a good start, and probably the best we could get right now, considering the current makeup of Congress. But I'm not going to uncork the champagne just yet.
According to an article by Shahien Nasiripour in the Huffington Post, "Treasury Secretary Timothy Geithner has expressed opposition to the possible nomination of Elizabeth Warren to head the Consumer Financial Protection Bureau, according to a source with knowledge of Geithner's views."
Many consider Warren to be the leading candidate to head this new agency mandated by the new legislation. So what is Geithner afraid of?
Well, Warren, you see, has a reputation for being one of America's best consumer watchdogs.
According to Credo Action, "As chair of the bailout oversight panel, Elizabeth Warren held Wall Street executives' feet to the fire and proved time and time again that she was not afraid to speak out."
On the other hand, Credo continues, "Geithner is a Wall Street insider with long and deep ties to the financial industry."
So President Obama's choice in this matter will be very telling as to where his priorities truly lie -- with Main Street or with Wall Street.
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