A Would-Be Watchdog Woos the Opposition

Liberal activists who want Harvard law professor Elizabeth Warren to lead the new consumer financial protection bureau have been winning support from lawmakers, bloggers, and editorial pages. Success may ultimately depend on whether a quieter campaign can win over detractors. In the past year she has dined with bank lobbyists, explained the new financial regulation law to analysts, and met privately with Republican senators, including Susan M. Collins of Maine and Bob Corker of Tennessee.

If President Barack Obama nominates Warren, the relationships she has been building could blunt a confirmation battle by countering criticism that her consumer crusading would make it hard to negotiate fairly with business groups. Warren's fight for the consumer agency's creation alienated many on Wall Street and elsewhere, even as she made overtures to industry. "It's perfectly natural that she would reach out to different industry groups and see what makes them tick," says Camden R. Fine, president of Independent Community Bankers, who has met with Warren half a dozen times in the last year, including for lunch at a Capitol Hill restaurant last month.