We need Elizabeth Warren. David Weidner makes the case in the Wall Street Journal:

There really is no other choice. Ms. Warren, a Harvard Law School Professor who has been chairing the House Oversight Committee minding TARP's progress has been the CPFA's biggest proponent since she floated the idea in 2007. Giving the job to someone else would be like letting Steve Jobs come up with the iPad and then giving it to Microsoft Corp. to market. You'd almost certainly lose the soul.

Ms. Warren has spent the last few years of her career preparing for this moment. She's written about the devastating effects of bankruptcy on U.S. households and has given countless interviews. Consumer protection as a part of financial reform has been her single biggest legacy in Washington, save perhaps for her testy public exchanges about TARP with Treasury Secretary Timothy Geithner.

Wouldn't you know it, that sometimes confrontational relationship has led to speculation that Mr. Geithner was lobbying against Ms. Warren behind the scenes. It's a charge the Treasury Department denies, but not out of the realm of possibility, given Mr. Geithner's public scrapes with her about TARP and his likely support of Michael S. Barr, assistant Treasury Secretary, who is reportedly on the short list.

Even with Mr. Geithner's support or his ambivalence, Ms. Warren seems to have worn out her Washington welcome. Senate Banking Committee Chairman Sen. Chris Dodd (D.,-Conn.) on Monday openly wondered whether Ms. Warren would get enough votes for confirmation should she be nominated. "The question is, 'Is she confirmable?'" Sen. Dodd told NPR's Diane Rehm show. "And there's a serious question about it."

Edward Yingling, chief executive of the American Bankers Association, said there's "tremendous concern" in the industry over Ms. Warren's possible nomination. State banking groups in Virginia and Nebraska have vocally opposed her nomination. The U.S. Chamber of Commerce spent millions on an ad campaign against the protection agency.

Good. We don't need an financial industry shill regulating the financial industry. We need a real independent watchdog. There's no better choice than Elizabeth Warren.