The person leading a regulatory agency is often more important than the structure and the scope of its powers. Think of Alberto Gonzales or Elliot Spitzer, for example.
As the Consumer Financial Protection Agency (CFPA) inches toward becoming a reality, the pressing question becomes: Who will be the first to head it?
"I'd love it to be Elizabeth [Warren]," said Rep. Barney Frank (D-Mass.), referring to the Harvard professor and chair of the Congressional Oversight Panel -- the bailout watchdog.
"She's a first-rate lawyer. She's very thoughtful. She's politically skillful," said Frank, the chairman of the House Financial Services Committee, in an interview with the Huffington Post. "I think she'd be great."
The proposal for the agency results from her work on the abusive practices of the financial industry. The legislation to create the agency itself, said Frank, has been crafted with her guidance.
"We've worked with her every step of the way. We've made no major compromises without running it by her," he said. "We've been in constant touch with her."
Frank said that he'd also be satisfied with a state attorney general who's been on the ground battling against bank practices and working on consumer protection.
Frank isn't the first member of Congress to think of Warren as the future head of the agency. As the agency was being voted on last week in Frank's committee, the GOP tried to push through an amendment that would have barred her from leading it.
The amendment, offered by Rep. Scott Garrett (R-N.J.), would have eliminated a broad range of people from contention. But, Garrett made clear, the best way to divine the target of his amendment is by "considering who actually created this idea for a Consumer Financial Protection Agency a long time ago," the Hill paper CQ Today reported on Friday.
Warren is widely credited with originating the idea; Garrett told CQ she was using the financial crisis "to rush through" the CFPA.
Frank said he didn't recognize what Garrett was up to at first. "I didn't realize they offered an amendment to the bill specifically to make sure she couldn't be the head of it. Scott Garrett did," said Frank. "It said that you could only be the head of the agency.. if you had worked for a financial services company or a bank regulator."
Frank says he quizzed Garrett about other candidates, such as attorneys general or heads of consumer groups. "'Oh, I didn't think of that,'" Frank said Garrett told him.
Unsatisfied, he recommended a vote against it. The amendment failed by a vote of 40-28. It was only later that he learned Garrett was specifically targeting Warren.
"The intent of the amendment was to make sure we get someone in there with real world experience who is outside of academia and outside of theorizing how you protect consumers and theorizing how you prevent fraud," said Garrett spokeswoman Erica Elliot.
That the amendment would have eliminated Warren from contention, she said, was a happy coincidence. "It did not escape the congressman that Elizabeth Warren would be excluded by this amendment," she said. "I think there is an argument to be made that even before the financial crisis happened, [Warren] was gunning for a CFPA... This is a fortunate moment for her and this is clearly something she's wanted implemented for a long time."
Warren has long said that a CFPA could have helped prevent the financial crisis, but she has also argued that it is valuable in its own right -- that protecting consumers from dangerous financial products has its own value.
Rep. Brad Miller (D-N.C.), who shepherded the CFPA through the committee, said that Warren is the type of defender the new-born agency needs.
"There is no doubt that the financial industry will try to control the CFPA the same way they've controlled every other supposed watchdog agency," he told HuffPost. "She would put the CFPA on a path to be tough and independent. Future CFPA Directors would have a much tougher time letting the industry write their own rules."
Get HuffPost Politics On Facebook and Twitter!
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.