Elizabeth Warren: "the President never wavered in his support"

[ProSense]

Enemies Await Consumer Financial Protection

by Elizabeth Warren

This is a big week for the Consumer Financial Protection Bureau (CFPB). Today, the President will announce his intent to nominate Richard Cordray to serve as the first Director of the Consumer Financial Protection Bureau. On Thursday, the CFPB makes its transition from a start-up to a real, live agency with the authority to write rules and to supervise the activities of America's largest banks.

Rich will be a strong leader for this agency. He has a proven track record of fighting for families during his time as head of the CFPB enforcement division, as Attorney General of Ohio, and throughout his career. He was one of the first senior executives I recruited for the agency, and his hard work and deep commitment make it clear he can make many important contributions in leading it. Rich is smart, he is tough, and he will make a stellar Director. I am very pleased for him and very pleased for the CFPB.

<...>

There's lots of good news, but make no mistake: this agency still has enemies in Washington, D.C. And they have a plan.

In May, forty-four Republican Senators wrote a letter saying that they will block anyone from serving as CFPB Director. Many of them don't like the agency or the ideas that led to its creation. They lost that fight last summer in a straight-up vote, but they say they will use a filibuster over a Director nomination to undercut the agency. Without a Director, however, the agency's authority over payday lenders, debt collectors and other non-bank financial companies can be challenged. The Republicans say that they will permit a Director only if the agency is amended to make it less independent and less likely to act.

<...>

This week is the culmination of two years of hard battles. The President put the consumer agency in his first outline of financial regulatory reform, and he never wavered in his support for it. The agency was declared dead several times, and weak versions and lousy bargains were offered again and again, but he stood fast. When he signed Dodd-Frank into law, creating the new agency, he offered me the chance to stand it up -- something for which I will always be grateful. The fights continued, and again, the President never wavered in his support. In fact, just last week he issued a veto threat if the Republicans try to move the agency's funding to the political process, and I know that in the future he won't allow opponents of reform to succeed in weakening the CFPB.

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[uponit7771]

1. FUCK FACTS!!!! /sarcasm

[JuniperLea]

18. LOL!

Love it!

[Name removed]

2. Deleted message

Message removed by moderator. Click here to review the message board rules.

[PragmaticLiberal]

3. Well, its obvious that Mrs. Warren is a "sell out".

;)

[Palmer Eldritch]

4. oh, dammit! I wanted to be pissed about this. Why so rational, Elizabeth??

[CakeGrrl]

5. Wha?

But he's the best friend the banks ever had!

:eyes:

[boxman15]

6. Warren is

a spineless, corporatist, Wall Street-loving, neocon, sell-out, stealth Republican, of course. Anybody who's been paying attention realizes this. :sarcasm:

[great white snark]

7. K&R. And a big FU for anyone who throws this good woman under the bus.

Thanks ProSense.

[Peacetrain]

8. Just heard her on MSNBC now...

[Scurrilous]

9. K & R

:thumbsup:

[vaberella]

10. Why isn't Warren thrown under the bus? Obama's a "capitulator"/"caver-in-chief"

Warren's proven those idiots wrong. But that won't stop them.

[polmaven]

11. Not only that -

but he refused to appoint her to a post she didn't want......How DARE he???

[tallahasseedem]

14. OH NOEZ!

You know those posts are coming...

[ProSense]

12. She is

thinking about running against Scott Brown.

[tallahasseedem]

13. You mean Obama didn't MAKE her take the position?

Waiting for the "This is all Obama's fault she didn't want the position" threads...

[JoePhilly]

15. He didn't use the bully pulpit on her enough.

Maybe he needed to hit her with the podium.

[JuniperLea]

19. LOL!!!

Yes!

:rofl:

[politicasista]

16. Kick

:kick: :patriot:

[mzmolly]

17. More from KOS

"Elizabeth Warren - I never wanted the chairmanship"

http://www.dailykos.com/story/2011/07/18/995872/-Elizabeth-WarrenI-never-wanted-the-chairmanship

[AtomicKitten]

20. I do hope she seriously considers challenging Scott Brown.

She mentioned on TV she just wanted to go home and good lord I don't blame her. With or without her at the helm, the GOP will continue doing everything they can think of to tank the CFPB.

[mzmolly]

21. She'd be amazing in the Senate.

I agree. I hope she runs! :hi:

[AtomicKitten]

22. I would LOVE to return Teddy's seat back to blue.

I can't think of a better candidate to do just that.

Cheers. :hi:

[mzmolly]

23. Absolutely

agree. :D