Warren Report: Made Obama ‘Nervous’

Elizabeth Warren in Washington, D.C.

Photograph by Joshua Roberts/Bloomberg

Elizabeth Warren in Washington, D.C.

President Barack Obama once told Elizabeth Warren, creator of the consumer protection agency, that she was making Wall Street bankers and Senate Republicans “very nervous.”

So writes Warren, the first female senator from Massachusetts, in a memoir recounting many things — including a pair of 2010 White House meetings with Obama — the Boston Globe reports today of the Democrat’s book, “A Fighting Chance. ”

The consumer activist who organized the new protection agency in the aftermath of the worst financial crisis since the Great Depression ultimately was not picked to run it, because Warren’s confirmation would invite political warfare in the Senate.

“You’re jamming me, Elizabeth,” Obama told her, according to her account.

“He urged me not to overplay my hand,’’ she writes. “Got it.’’

Warren also writes of a confrontation with Larry Summers, the presidential economic adviser and former Harvard president whom Obama later considered for Federal Reserve chairman.

In April 2009, she writes, Summers invited her to dinner. He had some advice.

“He teed it up this way: I had a choice. I could be an insider, or I could be an outsider,” Warren writes, as the Globe tells it.  Outsiders could say what they want, he told her, but people on the inside don’t listen to them. Insiders get more access to push their ideas to powerful people.

“But insiders also understand one unbreakable rule: They don’t criticize other insiders,” Summers told Warren.

She writes. “I had been warned.”

The book, ready for release next week, is stirring new talk of a potential presidential campaign for the consumer advocate. She has denied any intentions of running in 2016.

“I am not running for president. I am working in the United States Senate,” Warren has told David Axelrod, the Obama campaign strategist who left to open a political institute at the University of Chicago. “That’s my job. It’s a job that matters. I’m working my heart out here.”

Axelrod, a political reporter in his younger days,  pressed her on this at an appearance before a Chicago audience in October. He asked: Can all the people in the audience who clearly like her relax about any intentions she might have for 2016?

“Go relax,” Warren told the crowd. “I am not running for president.”

The Globe’s Matt Viser writes that Warren “is planning a six-week book tour that, in addition to Cambridge, Boston, Worcester, and Springfield, will take her to New York, Washington, Chicago, Los Angeles, Seattle, and Portland, Oregon.

`The book is being published by Metropolitan Books, a division of Henry Holt and Co. The original working title was “Rigged,” to describe how she believes the Wall Street economy is stacked against average Americans, but was changed to the more optimistic ` Fighting Chance.”’

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