Is President Obama up for a Senate confirmation fight over Elizabeth Warren? Maybe not right now. But that’s just the sort of rhetorical rumble Barney Frank would like to see.
Tales from the Trail
President Barack Obama had some soothing words for business leaders at the White House today, telling them that, despite some impressions to the contrary, he was really on their side after all. Financial regulatory reform was necessary, but “it is important now that there is a period of healing and consolidation and implementation that is less disruptive.”
Consumer advocate Elizabeth Warren is among a handful of candidates President Barack Obama is considering to become the first chief of the Consumer Financial Protection Bureau. Some ardent supporters clearly think the Harvard law professor (and chief of a panel monitoring the government’s $700 billion bailout of the financial system) is up for the task of heading the independent agency created under the financial reform bill signed into law last month.
President Barack Obama and fellow Democrats are trying to make political hay out of a comment by House Republican leader John Boehner that managed to mention ants and nuclear weapons in the same sentence.
Larry Summers, a top economic adviser to President Barack Obama, is a realist when he says “people are imperfect and we have not seen the last misjudgment.”
Sen. Christopher Dodd of Connecticut and Columbia University economist Jeffrey Sachs are two guys who think President Barack Obama better embrace new structural reforms if he wants a growing economy that isn’t hard-wired to go bust.
President Barack Obama tries to revive his push for financial reform on Monday.The president heads to Wall Street on the anniversary of the collapse of Lehman Brothers to try to make his case for stricter regulatory oversight of U.S. markets.He’ll also be discussing how he plans to wind up government involvement in the financial sector.The federal government took large stakes in banks and other firms over the past year as it tried to stabilize the economy in the midst of recession and financial collapse.Obama’s financial reform effort has hit resistance in Congress, as has his bid for an overhaul of the U.S. healthcare system.A new poll in The Washington Post on Monday showed public opposition to Obama’s healthcare reform is high but could ease a little if the president dropped his bid for a government-run public health plan to compete with private insurers.Obama argues a public plan is needed to ensure private insurers face enough competition to force them to control costs.The late Senator Edward Kennedy’s memoir “True Compass” is out on Monday and his sons, Representative Patrick Kennedy and Ted Kennedy Jr., spoke with the morning shows about their father and his book.Patrick Kennedy recalled the first time he became aware of the constant threats his father faced.“On the campaign trail in 1980, I remember one time I was with my dad and someone took one of the (campaign) buttons … They took the pin out and they jammed his hand when he came by,” Kennedy said.”I remember the Secret Service after the event were wondering whether he’d gotten poisoned because they didn’t know it was a button he’d gotten stuck with. It was the first time that I remember ever feeling that this was something that was a daily part of his life that he had to worry about.”Patrick Kennedy said the book, completed over the past year as his father struggled with the cancer that killed him, was a revelation to him.”Everybody knows my dad wasn’t the most sentimental, emotive guy,” he said. “For us this was an enormous revelation, in a sense, because this book really was one where he talked about his feelings and emotions at various points in his life.”For more Reuters political news, click here.Photo credit: Reuters/Larry Downing (Obama meets with economic team in March); Reuters/Kevin Lamarque (People line up to sign condolence book at Kennedy’s Senate office after his death in August)