Bloomberg News is reporting as of Friday evening that President Obama has chosen somebody other than Elizabeth Warren to be nominated as director of the Consumer Financial Protection Bureau.
According to the report, which is based on an anonymous source, an unidentified individual who already works at the agency will be nominated instead.
Congressional Republicans have opposed Warren's appointment to the director's post since last year. In September, the president selected her to oversee the agency's development, a position that does not require Congressional confirmation.
In May, a group of 44 Republican Senators sent a letter to President Obama saying they would not confirm any nominee for director unless the functions of the agency were signifantly reduced. They complained at the time that the director would have"vast rulemaking, supervisory, investigative and enforcement powers and the authority to regulate any person or business that offers or sells a 'financial product or service.'"
The agency is due to begin operation on Thursday, July 21. It is not clear from the Bloomberg story why the president believes a nominee other than Warren could survive a Republican filibuster.
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