Yes, because the Dodd-Frank FinReg stuck the Consumer Financial Protection office into the Federal Reserve bureaucracy, and because it's a "temporary" appointment.
Warren picked to oversee creation of consumer bureau - TH, 2010 September 15, by Silla Brush and Sam Youngman
The move will allow Warren, who originally pushed for the office as part of new financial regulations, to bypass full Senate confirmation. Warren would report to Obama and the Treasury Department, according to ABC News, which first reported the decision. Warren would have faced a tough confirmation battle amid opposition from many Republicans. Most Democrats and consumer advocacy groups have been urging the president to nominate Warren as the full-time head of the bureau. ..... Sen. Chris Dodd (D-Conn.), chairman of the Senate Banking Committee, has also said he wants the head of the office to go through a confirmation process. President Obama will name Elizabeth Warren to a position overseeing the creation of a new federal consumer financial protection office, according to a Democratic source.
The entire idea of Consumer Financial Protection Bureau is just appaling and should be scrapped in the new Congress, along with most of FinReg itself which will only cause more expenses for the banks passed on to consumers. There are courts to protect consumers from truly predatory practices and Internet created the entire generation of "prosumers" (credit to Alvin Toffler) who can evaluate the products and services.
Creation of Consumer Financial Protection Bureau is nothing more than a prelude to another Community Reinvestment Act fiasco.
Update today.
“Elizabeth Warren, named by President Barack Obama to set up the new consumer finance agency, was paid $90,000 this year to be an expert witness in a classaction lawsuit against some of the nation’s baggest banks...........In an interview, Warren said that she first discussed being an expert witness before joining the oversight panel in 2008. She said she cleared the outside work with the panel’s ethics council.”
Nothing like priming the pump there.