Now that the financial reform bill has been signed into law, the debate has shifted to who will lead the Bureau of Consumer Financial Protection (the "Bureau"). The Bureau will have the power, among other things, to write and enforce rules related to consumer financial services.
A short-list of three candidates has emerged: Elizabeth Warren, a Harvard Law professor and head of the TARP oversight committee; Michael S. Barr, an assistant Treasury Secretary; and Eugene I. Kimmelman, a deputy assistant attorney general in the antitrust division of the Department of Justice.
Of these, the most famous is Warren, who became the most vocal proponent of the Bureau. Nevertheless, she has reportedly ruffled some feathers along the way, including Treasury Secretary Timothy Geithner, who has refused to endorse Warren to lead the Bureau. If nominated, she will also have a tough confirmation battle in front of her as the Democrats may not have the votes necessary to overcome a filibuster.
We will be closely following this story in the coming weeks.