The Warren Court

James Surowiecki
June 13, 2011

Elizabeth Warren may well be the most popular person in Washington. When she was head of the Congressional Oversight Panel on TARP, her willingness to go after Wall Street, the Treasury Department, and the Fed made her a liberal icon. And her folksy, Midwestern air and her ability to express complex financial issues in simple language turned her into an unlikely media superstar. Warren is now working to set up the Consumer Financial Protection Bureau, a new government agency inspired by her own work on consumer credit, and in the past couple of weeks almost a quarter of a million people have signed an online petition asking President Obama to nominate her as the official boss of the agency. Yet Warren may also be the most hated person in Washington. The banking lobby sees her as its nemesis, congressional Republicans are openly hostile to her, and conservatives decry her as the exemplary “totalitarian liberal.” At this point, the only way Warren will run the C.F.P.B. is if President Obama makes her a recess appointment,