On Sunday, when President Obama let it be known that he would not appoint Elizabeth Warren as the head of the Consumer Financial Protection Bureau, it was pretty clear that the Harvard law professor who has become a hero to progressives was going to need a new approach to Washington. It was equally clear that the logical approach was to consider making a run for Ted Kennedy’s old US Senate seat representing Massachusetts.

Warren agreed.

Asked Monday whether she would consider making a run for the seat now occupied by US Senator Scott Brown, R-Wall Street, Warren replied: “I’ve been working 14 hours a day on trying to stand this…agency up, really for more than a year now…. It’s time for a little vacation for me. When I go home, I’ll do more thinking then. But I need to do that thinking not from Washington.”

That’s more than enough encouragement for the Progressive Change Campaign Committee—long the chief champion for getting Warren into a bully pulpit where she can advocate in a meaningful way for consumer protection and real regulations on banks and speculators.

The PCCC has started a “Draft Elizabeth Warren for the U.S. Senate” campaign.

Quoting from Sunday’s Nation article outling arguments for a Warren run, the PCCC says: "Paul Wellstone used to say he could use ten more progressives in the Senate—‘or one Elizabeth Warren.’ Elizabeth Warren has a track record of holding Wall Street accountable and fighting for regular people like us. Now, she’s considering winning back Ted Kennedy’s Senate seat from Republican Scott Brown in 2012. Let’s tell her she’d have our support!"

Warren is considering making the run. That’s a prospect that will excite progressives—and scare Wall Street.