Progressives side with Warren, knock Geithner

Progressives are urging President Obama to nominate Troubled Asset Relief Program watchdog Elizabeth Warren to head the new consumer agency created by financial reform legislation.

The Progressive Change Campaign Committee (PCCC) seized on a report Friday that Treasury Secretary Timothy Geithner opposes a possible Warren nomination to the Consumer Financial Protection Agency, taking the opportunity to knock Geithner, whom liberals have always suspected of being too closely aligned with Wall Street.

“Elizabeth Warren is feared by Wall Street,” PCCC wrote to supporters. “As chair of the bailout oversight panel, she held Wall Street executives’ feet to the fire and was not afraid to speak out.”

The group is placing online ads criticizing Geithner for his reported stance, and is gathering signatures in support of Warren's nomination.

The left has cheered Warren, who supported creating the CFPA, for championing rigorous financial reform and criticizing the implementation of Wall Street bailouts.

UPDATE: Andrew Williams, Deputy Assistant Secretary for Public Affairs at Treasury, made the following statement regarding Warren's possible nomination:
 
“Elizabeth Warren has been a driving force behind the creation of the consumer financial protection bureau, and we have worked very closely with her over the past year and a half to make that idea a reality.
 
“Given her strong leadership on consumer protection, Secretary Geithner believes that Elizabeth Warren is exceptionally well qualified to lead the new bureau, and, ultimately, that’s a decision the President will have to make.”

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