Elizabeth Warren

In Tight Race with Elizabeth Warren, Scott Brown Bucks Party to Endorse Cordray for Consumer Financial Protection Bureau

Last month, PFAW’s Marge Baker wrote an op-ed for The Hill suggesting a simple way that Congress can respond to the energy behind Occupy Wall Street: by finally confirming Richard Cordray to head the long-languishing Consumer Financial Protection Bureau. Marge wrote:

Thanks to Republican obstructionism, the CFPB, tasked with holding big banks accountable to American consumers, has been without a leader since it was created by the Dodd-Frank Act last year. Elizabeth Warren, who conceived of the agency and oversaw its creation, would have been the natural fit to lead it, but her unapologetic work holding financial institutions accountable put her on the bad side of Congress’s GOP leadership.


In July, President Obama nominated former Ohio attorney general Richard Cordray to head the agency. Cordray is a strong defender of consumers who has also earned respect from the banks he worked with in Ohio. Last week, a bipartisan group of 37 state attorney generals wrote to Congress urging his confirmation. Even Ohio’s Republican attorney general Mike DeWine, a former U.S. senator who defeated Cordray in last year’s election, has endorsed him for the job. He is a well-respected, reasonable and eminently qualified choice to lead the agency.

Cordray’s nomination would be a shoe-in if it weren’t for one thing: Republicans in Congress don’t want the Consumer Financial Protection Bureau to exist at all. Unable to stop its creation, they have turned their energies to starving it. In May, 44 Republican senators sent a letter to the president saying that they would not confirm any nominee to head the CFPB unless the agency was first substantially weakened. Without a confirmed leader, the agency can’t fully start the work that it was designed to do.


While the agency is already overseeing credit companies and big banks, it can’t have its full oversight over mortgage companies and payday lenders until a head is confirmed. This situation is perfectly satisfactory to big lenders and the GOP leadership – but it’s bad for American consumers.


There is now one notable exception to the Republican blockade of Cordray’s nomination. Massachusetts Sen. Scott Brown, who is running against CFPB architect Elizabeth Warren in what will likely be a tough reelection race, has urged his fellow GOP senators to break their filibuster of Cordray’s nomination.

Brown’s in a more precarious political position than many of his Republican colleagues, but his endorsement of Cordray is telling. Recent polls have shown that Americans are concerned about the nation’s increasing income inequality and want tougher government regulation of Wall Street. The big banks may not want the Consumer Financial Protection Bureau to get up and running, but American consumers are eager for the protections that the bureau would provide. Sen. Brown has done the right thing by bucking his party to support Cordray – but by doing so he’s also acknowledging the tough spot that opponents of financial sector accountability may find themselves in in 2012.
 

PFAW

Limbaugh: Elizabeth Warren, for Advocating Fair Taxation, is a 'Parasite'

De facto head of the GOP and all-around blowhard Rush Limbaugh had the gall to call Elizabeth Warren a “parasite” and “an arrogant condescending, conceited snob who has profound resentment” last week in his latest attempt at throwing cold water on anything approaching rationality in political dialogue.

So one has to ask what Warren said that was so upsetting to the right-wing provocateur.

There is nobody in this country who got rich on his own. Nobody! You built a factory out there? Good for you! But I want to be clear: You moved your goods to market on the roads the rest of us paid for. You hired workers the rest of us paid to educate. You built a factory, and it turned into something terrific or a great idea: God bless! Keep a big hunk of it. But part of the underlying social contract is you take a hunk of that and pay forward for the next kid who comes along.

But hey, I get it. Anything that says there is a social compact automatically makes right wingers like Limbaugh hyperventilate. They’d rather sacrifice a good economy, schools that educate our young, and yes, a social contract that helps our seniors stay out of poverty than tell the most privileged of our society that they have to pay a larger share of their income in taxes than their secretaries. If that were my goal, I’d be pretty angry at Elizabeth Warren too.

Elizabeth Warren 1. Rush Limbaugh, right wingers, space cadets, nitwits and bullies 0.

PFAW

CFPB finally opens its doors: A welcome sign of true financial reform

Exactly one year after the Dodd-Frank Act was signed into law, the much anticipated Consumer Financial Protection Bureau (CFPB) is open for business. The agency is part of the response to calls for much tougher oversight and will protect consumers by pursuing businesses that practice wrongful and abusive tactics.

The bureau’s chief architect, Elizabeth Warren, is a highly regarded consumer advocate who assembled a talented and dedicated team to build from scratch a consumer advocacy agency in the span of one year. Millions of Americans will benefit from the tremendous work she and her team has done to build this critical agency. The CFPB’s Office of Servicemembers Affairs is an especially important branch within the agency, whose mission is to ensure that our men and women in uniform will not have to deal with certain stresses while overseas, such as the wrongful foreclosures many soldiers and their families have unfortunately experienced.

Unfortunately, however, the agency is off to a rough start. Though President Obama named fierce consumer advocate Richard Cordray to head the agency, on its inaugural day, the CFPB is without an official director. Senate Republicans claim it could be for some time, as they block any nomination for the bureau’s top job and the House continues its work to dismantle—and if possible, even repeal—the Dodd-Frank Act.

This new consumer advocacy group is essential to the economic wellbeing of the American people and the nation as a whole. During these troublesome economic times, thousands of once, hardworking men and women struggle to find jobs, face foreclosures, and struggle to make ends meet. The CFPB cannot necessarily get them out of these unfortunate situations, but it can certainly protect them from the continued fraudulent and abusive practices of greedy corporations that got them into this mess.

Americans need someone who will stand up for them as they continue working to recover from this terrible economic mess. With talks of a possible “double-dip recession,” it is more important than ever that our leaders in Washington make it clear that they are on the side of the American people and willing to do whatever to protect consumers and put this country’s economy back on track.

PFAW

Republican Obstructionism Knows No Bounds

We’ve seen Republican Obstructionism at work against our federal judicial system, as Sen. Mitch McConnell and his cohorts have blocked many exceptionally-qualified, mainstream jurists from receiving an up-or-down vote in the Senate and many more have been needlessly delayed. But his recent comments regarding the fledgling Consumer Financial Protection Bureau, which still is without a director, unequivocally shows that his priority is to prevent President Obama from building a functioning government that serves the American people. Unfortunately, this means handicapping the CFPB – which was created to help protect Americans from the types of financial abuse by Wall Street that caused the Great Recession and is toothless without a director – just to score political points and curry favor from the financial industry.

Raw Story reports:

President Barack Obama has decided to nominate Richard Cordray to head the Consumer Financial Protection Bureau (CFPB) instead of Elizabeth Warren, but Senate Minority Leader Mitch McConnell (R-KY) doesn’t care. He says Republicans still plan to block the nomination.
“I would remind [President Obama] that Senate Republicans still aren’t interested approving anyone to the position until the president agrees to make this massive government bureaucracy more accountable and transparent to the American people,” McConnell announced on the Senate floor Monday.

By making the agency “more accountable and transparent,” Sen. McConnell and other Republicans mean replacing the director with a board of directors and making it easier for other agencies to overrule the CFPB’s actions – in other words, providing more opportunities for the financial industry to insulate itself from oversight and regulation.

It’s pretty easy to see how the Obstructionist agenda might not be in the best interest of the American people.

PFAW

Warren faces Issa one more time before launch of Consumer Financial Protection Bureau

Elizabeth Warren appeared before the House Oversight Committee yet one more time on Wednesday – her third trip to the Committee – in advance of the Consumer Financial Protection Bureau’s (CFPB) launch next week. The Dodd-Frank Wall Street and Consumer Protection Act, signed into law in nearly one year ago, called for the creation of the CFPB as a way to ensure consumer protection from fraudulent and abusive practices by banks, mortgage companies, lending agencies, and other services and products.

As the lead architect of the agency’s creation, Warren faced relentless questioning from the panels’ Republican members, who probed her about issues including the bureau employee salaries, the agency’s budget, and her views on parts of the Dodd-Frank Act. Instead of finding ways to support an agency tasked, by Congress, with the mission of protecting American consumers from fraud and abuse, it seemed instead that the Republicans were looking for ways to undermine Professor Warren and the work of the upcoming agency.

There is a place for serious oversight for any government agency, but it is clear the Republicans are not interested in oversight, but rather in bringing down the agency before it even gets off the ground.

The CFPB is essential for protecting the financial security, stability, and wellbeing of both American families and the nation’s economy. Indeed, insufficient financial regulations and lack of consumer protections led to the recent financial meltdown that has so devastated our economy and created such hardship for working families.

Chairman Issa has already shown that he is not serious about looking out for the financial interests of the American people. He refuses to issue subpoenas to many of the banks that are behind the foreclosure crisis, abruptly halted an investigation of the Financial Crisis Inquiry Commission despite legitimate evidence of wrongful malfeasance by some of its members, and continues to attack the work of Elizabeth Warren and the Congressionally mandated agency she has been so instrumental and committed to building.

Congressman Jim Cooper put it best during the hearing when he expressed his disappointment in the committee. He admonished its members for constantly sticking to partisan talking points instead of truly focusing on the heart of the issues and doing what is right for the American people.

While Chairman Issa said he joined Representative Cooper in sharing this important message, let’s see if his actions speak louder than his words.

PFAW

Issa to Dems: We'll Pick Your Witnesses For You

Last week, Rep. Patrick McHenry, chairman of a House Oversight and Government Affairs subcommittee, reached a new low of legislative immaturity when he accused Obama advisor Elizabeth Warren of lying about the schedule she had set with his staff. Now, it seems, committee chair Darrell Issa is trying to top him.

Issa has demanded that, in a departure from the way House committees traditionally select witnesses for hearings – where the majority and minority party each pick a certain number – Issa would now be picking some of the witnesses allotted to his committee’s Democratic minority. Whenever the committee’s Republicans call a witness from the Obama Administration, Issa declared, that witness would be docked from the total number allowed to the committee’s Democrats….even if Democrats never wanted that witness in the first place.

Given that our democratic government is built on the idea that minority viewpoints still can get a voice, this change of rules was not happily met with by some of the more reasonable members of the committee.

Democratic Rep. Gerald Connolly gave a heated response, saying he would advise the administration not to send any witnesses to the committee until the rules were reversed: “But the minority has rights, and if the majority wishes to actually join on this issue and dare to tell us who our witnesses will be, and to designate administration witnesses as our witnesses against our wishes, then we're going to advise that administration to not cooperate with the members of the majority until our rights are recognized and respected.” Rep. Elijah Cummings, ranking member of the committee agreed.

This prompted Issa’s staff to send a note to reporters with Connolly’s remarks asking, “If Committee Democrats are encouraging the Administration to decline all witnesses, how does obstruction advance legitimate government oversight?”

Better questions to ask might be: “If a committee’s chair is busy making politically-motivated rules changes, how much time is he actually spending on legitimate government oversight?” or “Do we really want to be giving government oversight power to a man who doesn’t believe in the basic democratic principle of the rights of political minorities?”

 

PFAW

Rep. Patrick McHenry Attacks Consumer Financial Protection Bureau, calls Elizabeth Warren a Liar

House Republicans once again showed their lack of concern for the American consumer, using a subcommittee hearing about the nascent Consumer Financial Protection Bureau to personally attack Elizabeth Warren, who helped develop the agency.

McHenry had called Warren to a hearing entitled (yes, really) “Who’s Watching the Watchmen,” discussing her role in the Consumer Financial Protection Board. Before the hearing even began, McHenry appeared on CNBC and charged Warren with lying about her advisory role to the CFPB, despite the fact that both the Treasury and Justice Department officials had asked for her assistance.

McHenry continued to attack Warren during the hearing, which devolved into a debate about the true meaning of the word “advice”. By the end of the hearing, McHenry’s attacks on Warren had become so forceful that Representative John Yarmuth felt compelled to apologize to Warren for the “rude and disrespectful behavior of the chair.”

The hearing’s absurdity reached its peak when McHenry tried to call a temporary recess. Warren objected, citing an agreement they had made earlier to end at 2:15 so she could attend other meetings. Though the 2:15 end time was later confirmed correct by the CFPB, McHenry didn’t believe Warren’s claim, and told her she “had no agreement” and that she was “making this up.”

Disagreeing with Warren’s policies? Acceptable. Baselessly calling her a liar, for the second time in one day? Not so much.

Public opinion has stood strongly on Warren’s side, flooding McHenry’s Facebook fan page with angry comments, such as “Your display with Ms. Warren disgusted me” and “As someone with southern roots, we don't treat guests like you did to Ms. Warren.” Despite the public outcry and the facts against him, McHenry refuses to issue an apology for the incident.

PFAW

Republicans Annoyed They Can’t Obstruct Elizabeth Warren

President Obama today appointed Elizabeth Warren to oversee the new consumer regulatory agency created by the recently enacted Wall Street Reform legislation.

What’s interesting is that he chose to appoint her to a position that doesn’t require Senate approval.

From the moment he took office, the GOP has pulled out all the stops to obstruct, delay and attack the Obama Administration and the President’s agenda. One of the main weapons in their arsenal has been their ability not to block nominees—they rarely have the votes—but to make confirmation such a time consuming chore as to grind the government to a halt.

Today’s move by Obama is a clear move that he gets it and he’s not going to take it lying down. It sends a strong message that he’s more interested in governing the country than is playing the Republican game of obstruct, obstruct, obstruct.

Senate Republicans and their underwriter, the US Chamber of Commerce, don’t much like this turn of events:

"By not allowing Ms. Warren's nomination to be considered through the regular order of the full Senate confirmation process, the administration has circumvented one of the very few checks on a big new agency that already has been given an unprecedented concentration of regulatory powers," said the Chamber of Commerce's David Hirschmann, in a statement released this morning. "This maneuver is an affront to the pledge of transparency and consumer protection that's purported to be the focus of this new agency."

Republican Senator Bob Corker of Tennessee also pushed back, protesting the administration's "circumventing" of the confirmation process in a letter to the President released shortly after Warren's appointment was leaked last night.

"It is a key responsibility of the U.S. Senate and its committees of jurisdiction to advise and consent and one that I believe was not meant to be abdicated by the Executive Branch's use of appointments," Corker wrote, adding that given the recent creation of the position in question - "unprecedented in the nature of its unfettered and unchecked authorities" - the confirmation process was particularly important.

Can you hear that? We’re playing the world’s saddest song on the world’s tiniest violin, just for them.

PFAW