Elizabeth Warren seemed like a natural to become the first head of the newly created Consumer Financial Protection Bureau. After all, she's the one who proposed such an agency. Many assumed she would be tapped as the first head, a move that has some supporters. But it hasn't worked out that way.

While the Obama Administration seems to favor her, and there have been talks on-going, there are lots of political issues clouding the picture. It's not clear at all that she would have the votes, now that Senate Banking Committee Chairman Christopher Dodd has come out strongly against an interim appointment. He has said that he's not against Warren, but that he prefers someone "confirmable." To some, this is travesty of justice. It's the Brooksley Born saga all over again, writes the Huffington Post.

One possible path forward has emerged; Warren may be named a counselor to Treasury Secretary Timothy Geithner. Under Dodd- Frank, he is responsible for establishing the bureau before it becomes an independent agency housed at the Federal Reserve. So Warren would have influence that way. But that still leaves open the question as to whether she would eventually head the bureau. Update: Warren will indeed be named as an advisor to the President and the Treasury Secretary, and her role will be to oversee the Consumer Financial Protection Bureau. This allows the administration to avoid what would have been a contentious confirmation battle.

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