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.