Elizabeth Warren Out as Consumer Protection Bureau Chief

There’s no better way to ruin a weekend than having somebody replace you at work. President Obama has reportedly chosen his nominee for chief of the Consumer Financial Protection Bureau, and it’s not early favorite Elizabeth Warren, a source told Bloomberg News Friday. The president’s choice is somebody who already works at the agency, the source said, and Obama may make the announcement as soon as next week. Warren, who helped conceive the idea of the agency, was appointed last year to head it up until a permanent director was found. But she faced tough criticism from Congress, and 44 Republicans announced in May they wouldn’t support any candidate who wasn’t planning to majorly change the bureau’s structure.