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* Buried deep within a Wall Street Journal story yesterday on who might lead the new Consumer Financial Protection Bureau was a long list of possible candidates.
The list was headed by a somewhat familiar face…
Democratic leaders in Congress say their top pick for the post is Elizabeth Warren, the high-profile Harvard law professor and an outspoken critic of what she sees as a too-cozy relationship between government and bankers.
But then a long list of others was outlined…
Other potential candidates include Michael Barr, a Treasury assistant secretary and University of Michigan law professor with a longstanding interest in consumer finance; Democratic state attorneys general Martha Coakley of Massachusetts, Lisa Madigan of Illinois and Lori Swanson of Minnesota; Susan Wachter of the University of Pennsylvania’s Wharton School, who served in the Clinton Department of Housing and Urban Development; and Nicolas Retsinas of Harvard’s Joint Center for Housing studies, a former bank regulator and a low-income housing specialist.
The Lisa Madigan mention was quickly picked up by at least one local outlet…
In the most interesting political rumor of the day, the Wall Street Journal listed Attorney General Lisa Madigan as a possible director of the new Consumer Financial Protection Bureau, if and when Congress finally approves the financial reform package.
* Unsurprisingly, our attorney general isn’t interested, but here explanation wasn’t completely accepted by the Sun-Times…
Is another Chicagoan joining the Obama administration bandwagon?
Attorney General Lisa Madigan tried to put to rest speculation Tuesday that she is being considered for director of a new Consumer Financial Protection Bureau that Congress is expected to create as soon as next week. The federal bureau’s director will serve a five-year term.
But here’s her quote…
On Tuesday, she issued a statement saying that she appreciates being mentioned in light of her work fighting “predatory and often discriminatory mortgage lending.”
But Madigan threw her support behind the perceived front-runner for consumer czar, Harvard Law Professor Elizabeth Warren.
“Not only was it [Warren’s] idea to create the Consumer Financial Protection Bureau, but she has long understood the need for such an agency to ensure that another financial crisis doesn’t devastate the futures of millions of hardworking Americans,” Madigan said.
There’s just no way that she’s leaving Illinois. She passed up an almost sure-bet opportunity to run for US Senate. Mark Kirk strongly indicated last year that he wouldn’t run against her, and there’s nobody else out there who could’ve put up much of a fight. She’s staying in place.
* Related…
* Countrywide Being Sued for Discrimination
* Restrictive Lollapalooza Contract Draws State Scrutiny
* A river’s reckoning
* Madigan touts nursing home compliance checks
posted by Rich Miller
Wednesday, Jul 7, 10 @ 10:58 am
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not sure if you want martha coakley running anything these days given her performance last winter.
Comment by shore Wednesday, Jul 7, 10 @ 11:00 am
At this point, I think Lisa would turn down a nomination to the Supreme Court (which, if you listen to some folks, is just obviously inevitable).
Comment by George Wednesday, Jul 7, 10 @ 11:03 am
Thank God. She’s one of the few Democrats we can be proud to support this year.
Comment by Anonymous Wednesday, Jul 7, 10 @ 11:05 am
If she passed on senator and governor, why would she take this job ?
Comment by wordslinger Wednesday, Jul 7, 10 @ 11:08 am
I still think she has her sights set on the Mayors office and we will have the battle royale once Daley retires between Rahm/Hoffman and her.
Comment by Independent Minded Dem Wednesday, Jul 7, 10 @ 11:16 am
These trial balloons are so stupid. They’re nothing but an ego-boost for people who like to see their names mentioned and feel important.
Comment by Whatever Wednesday, Jul 7, 10 @ 11:17 am
In 2014, if Sen. Durbin doesn’t run for re-election, AG Madigan will probably run for his seat. Secretary of State Jesse White will run for governor, because of his experience. George Ryan and Jim Edgar were secretaries of state, so two of the last three people, who were elected to be Illinois governor, were secretaries of state.
Comment by Conservative Veteran Wednesday, Jul 7, 10 @ 11:17 am
The political environment is changing quickly, and Madigan may want to ditch this state for a while until things settle down. In four years, she could resign a federal post and come back for a run at Governor without the baggage of having anything to do with this state while it deals with the financial crisis.
On the flip side, I understand she is a caring mother and may not want to relocate her kids. On the flip side of that, if her kids are old enough to enjoy it, exposure to DC would be very educational for them.
Comment by Cincinnatus Wednesday, Jul 7, 10 @ 11:18 am
i’d expect to see lisa’s name on potential appointment lists until barack leaves office. it has nothing to do with whether she wants the job…
Comment by bored now Wednesday, Jul 7, 10 @ 11:28 am
I’d make a pretty big bet that being Mayor of Chicago is the LAST thing LM wants to do. Curbs and gutters? Um, no thanks. I think she actually loves being AG (at least for 4 more years).
Comment by Anonymous Wednesday, Jul 7, 10 @ 11:36 am
Durbin’s seat? Only if Quinn wins, and even then I’m dubious — I think she’s cooling her heals for Governor 2014.
Comment by lake county democrat Wednesday, Jul 7, 10 @ 11:51 am
She is raising her young family, comfortable in her current office. Taking on more than that right now would be crazy. Her hands are full.
She loves her family, and they come first. She knows how politics interfer in a family life, and knows what it is like for kids in a political family in the spotlight. She wants her kids to avoid that.
Not every politician is a self-centered boob willing to grab any brass ring that comes their way. I suspect that Lisa Madigan respects what she does, respects her role as a public official, and especially loves her role as a parent. She knows it isn’t all about her.
Comment by VanillaMan Wednesday, Jul 7, 10 @ 11:54 am
CV, Jesse White will be 80 in 2014.
Comment by Anonymous Wednesday, Jul 7, 10 @ 12:22 pm
She has never had a job, daddy didn’t get her. Not exactly the type of scrutiny Obama is looking for right now. Lets bring in the AG who did nothing while Rod ran amuck for 6 years.
Reality check-if she bounces the next AG could file an injunction against the Guv and Legislature for the unconstitutional budget. She has to stay put to protect daddy.
Comment by the Patriot Wednesday, Jul 7, 10 @ 1:07 pm
I have to go with VM on this one.
Comment by Ghost Wednesday, Jul 7, 10 @ 1:36 pm
=== Lets bring in the AG who did nothing while Rod ran amuck for 6 years.===
Pretty sure the Feds told her office to back off so that they could do their job. She could have violated this request from the Feds for the publicity but exercised restraint. Sounds pretty upstanding to me.
Comment by Obamarama Wednesday, Jul 7, 10 @ 2:35 pm
@bored now Yep
Comment by justsickofit Wednesday, Jul 7, 10 @ 10:44 pm