Elizabeth Warren Says Consumer Bureau's Foes Should Focus on Wall Street ‘Behemoths’ - Bloomberg

[WillyT]

Warren Says Consumer Bureau's Foes Should Focus on Wall Street ‘Behemoths’
By Carter Dougherty - Bloomberg
Mar 24, 2011 9:01 PM PT

<snip>

Elizabeth Warren, the Obama administration adviser assigned to set up the Consumer Financial Protection Bureau, said lawmakers looking to limit the agency’s authority should focus instead on the Wall Street “behemoths” aiming to undermine its mission.

“If we’re going to go out there and spill ink on accountability, we should also ask about how to hold powerful financial institutions accountable,” Warren said yesterday in an interview with Bloomberg News. “The idea that we should be worried that some agency that will speak up for consumers might get a little too loud is looking in the wrong direction.”

Warren was responding to complaints by Republican lawmakers that the agency, created by the Dodd-Frank Act in a Democrat-run Congress, lacks accountability. Republicans, who took control of the House in November elections, have proposed subjecting the bureau’s budget to congressional approval and replacing its yet- to-be-filled director’s post with a five-member commission.

Dodd-Frank, the rules overhaul enacted in response to the 2008 financial crisis, gave the bureau power to regulate consumer financial products sold by companies ranging from JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) to payday lenders and mortgage brokers. It is scheduled to begin work on July 21, a year after President Barack Obama signed the legislation.

Obama’s appointment of Warren, 61, to help shape the bureau has been faulted by Republicans, including Representative Patrick McHenry of North Carolina, who say her role as adviser to the Treasury secretary and assistant to the president injects politics into what is supposed to be an impartial regulator.

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Link: http://www.bloomberg.com/news/2011-03-25/warren-says-consumer-bureau-foes-should-look-at-bank-behemoths-.html

:wow:

:banghead:

:kick:

[ReggieVeggie]

1. kick this

not much interest in Elizabeth Warren, it seems

[stillwaiting]

2. "Impartial regulator" clearly means and has meant beholden to Wall Street and not a threat to WS.

So transparent why there's a rallying cry against Warren from Congress.

Too bad more Americans don't care enough to prevent her from ultimately being sandbagged.

K&R

[Dappleganger]

3. I trust her, she has our back.

The others the president appointed are just wolves from the same pack who've been put in charge of guarding the hen house.

[TheKentuckian]

5. Trusting her and trusting she has the resources and scope of authority to make serious inroads

are fairly different things.

I also believe she is merely an honest broker rather than someone that is inclined to put a thumb on the scales in favor of the "small people" even in the midst of playing against a very stacked deck.

That is no disrespect to an honest person but let's not pretend the calvary is coming. I think she is shooting for the old "informed consumer" target zone. Certainly better than the usual shit sandwich sold on lies and crossed fingers but nowhere near a fighting chance in the current economic environment.

Great pick true enough but a nearly a lone voice of reason (and the only one with any clout) in a wilderness of predatory injustice, not a relentless and zealous champion for the people with broad power to act and take on the big boys with real ramifications.

[howaboutme]

4. 300 Million Americans have been made poor because of them

"Them" being the overpaid NY bankster financiers that own our Congress and our government. When I hear pundits speak of the problems with government and leaders in the Middle East I can't help but relate to the USA. Corruption and cronyism for a few is as rampant here as it is elsewhere.

[Arkana]

6. I love how Republicans are always the quickest to accuse anyone else

of "playing politics".

It's classic projection. Really. I'd admire it if it didn't make me sick.

[Enthusiast]

7. K&R Elizabeth Warren -a real American hero......nt

[Name removed]

8. Deleted message

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

[WillyT]

9. Kick !!!

:kick: