President Obama may nominate Elizabeth Warren to head a new consumer agency. Obama hints at Warren nomination

President Barack Obama dropped hints Friday that he may nominate Elizabeth Warren to head a new consumer financial protection agency — and "soon" — while dismissing concerns that she is not confirmable in the Senate.

In an East Room news conference, Obama called Warren "a dear friend" with whom he has been in conversations about the position. He stopped short of a clear endorsement of Warren, but he offered a promise to make an announcement quickly.


And he threw in an attack on Senate Republicans who the president said wouldn't confirm his nominee for "dog catcher."

"I'm concerned with all Senate nominations these days," Obama said when asked whether a potential confirmation hold-up of Warren was affecting his decision. "I'm not joking."

"[But] I will have an announcement soon on how we will move forward," the president said.

Inside the Beltway talk about whether Obama will name Warren to head the agency created by new Wall Street reform law intensified significantly in August, despite Congress being out of session, with news that Warren canceled her fall classes at Harvard. Some in Congress have speculated that Obama might opt for a recess appointment to prevent the GOP from blocking Warren, a favorite of liberals.

And the administration's hesitation to make a definitive announcement left the doors open for lawmakers on both sides of the political spectrum to attack the White House — from the right for considering Warren in the first place, and from the left, for not endorsing her strongly or swiftly enough.

Warren is widely acknowledged as the chief architect of the consumer agency Senate Republicans have long slammed as a vast overreach of government power. By bringing her nomination to the floor, the White House would risk giving the GOP a stage to openly attack its economic policies on the eve of the midterm elections.

Obama tried to paint the agency as a champion for middle class Americans, in line with the over-arching theme of his message Friday. The president emphasized that the CFPA will be an independent agency "whose sole job it is to protect American families," adding that the CFPA could save American consumers "tens of billions of dollars in the first few years."

If Obama wants his nominee for CFPA chairman to get a full Senate confirmation vote, however, he will have to make good on his promise to make an announcement swiftly. When Senate resumes session Monday, it will have only a few weeks of work left before breaking for elections. Majority Leader Harry Reid (D-Nev.) already has his hands full with a small business bill as well as votes on extending the Bush tax cuts.