This morning’s news: President Obama has named Harvard professor and celebrated Wall Street watchdog Elizabeth Warren to create and lead the new Consumer Financial Protection Agency – an agency originally proposed by her and created by the Dodd-Frank financial reform act. The appointment of such a staunch consumer advocate to Obama’s financial team contrasts starkly with the Wall Street creatures Tim Geithner, Lawrence Summers and Ben Bernancke which have thus far constituted his inner circle. We progressives – and other good government advocates – have been pushing hard for Elizabeth’s appointment for months. It’s pretty rare that this centrist President listens to us, maybe he’s finally starting to notice the lagging electoral enthusiasm of his Democratic base. Ya think?
And they’re already calling her a phrase that will make Glenn Beck’s head explode this afternoon – Consumer Czar. Professor Warren, respected and feared by the big boys on Wall Street, is an expert on protecting families from deceptive, predatory lending practices and other crooked complex maneuvers used to make a quick buck at consumers’ and taxpayers’ expense. She said today, “The new consumer bureau is based on a pretty simple idea: people ought to be able to read their credit card and mortgage contracts and know the deal.”
One reason she is so generally beloved by Americans today is her uncanny ability to explain complex financial issues in a way the rest of us can understand. See some videos of the folksy Oklahoman (whose janitor father was the victim of a crooked business partner, and whose grandmother came on a wagon in the Oklahoma land rush.)
The famous Jon Stewart appearance, 4/25/09
| The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
| Elizabeth Warren Pt. 1 | ||||
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Elizabeth makes Geithner squirm re. AIG/Goldman Sachs bailouts
Maybe best of all: explaining last year why we need the agency she’s now creating!
from Bold Progressives .org
Can you sign our congratulations card to Elizabeth Warren? Click here. (We’ll deliver the card to her personally — please encourage others to sign.)
Warren, who earned a reputation for holding Wall Street’s feet to the fire, just told the Huffington Post:
The President “asked me to take on the job to get the new Consumer Financial Protection Bureau started — right now. The president and I are committed to the same vision on CFPB, and I am confident that I will have the tools I need to get the job done.” Congratulate her.
This is a HUGE victory, and it wouldn’t have happened without you and over 200,000 others advocating for Elizabeth Warren’s leadership. For the first time, progressives successfully pressured President Obama to select the most progressive option on the table.
Together, we made thousands of calls, wrote hundreds of letters to the editor, and left politicians and the media baffled over all the fervor for Elizabeth Warren. The Boston Globe called it an “uprising among Warren’s legion of supporters.” The Huffington Post wrote that PCCC members were “bombing Senate with Elizabeth Warren calls.”
So, seriously…congratulations. People-power made a difference!
We’ll deliver the card along with a bouquet of flowers. There’s even a space on the card for you to add a personal note to Warren.
Thanks for making this victory possible.
Ahhh, such refreshing news to begin a day!
This restores my faith in Obama, not only has he done the right thing, he’s done it brillantly. In not nominating her as Director, he expedited her ability to get right to work and be effective rather than waste time with the Republicans (i.e., bankers, etc.) whining and complaining. Go Elizabeth!
BFD. Another Harvard professor. You didn’t need to write past that, Jailbird.
Just in from Loretta:
REP. LORETTA SANCHEZ: “ELIZABETH WARREN EXCELLENT CHOICE TO OVERSEE CREATION OF CONSUMER FINANCIAL PROTECTION BUREAU”
WASHINGTON, D.C. – Congresswoman Loretta Sanchez (CA-47), a member of the bipartisan, bicameral Joint Economic Committee, today issued the following statement regarding Elizabeth Warren’s new role overseeing the establishment of the new Consumer Financial Protection Bureau, a centerpiece of the Wall Street Reform and Consumer Protection Act passed and signed into law earlier this year:
“I applaud President Obama’s decision to appoint Elizabeth Warren to her new position as Assistant to the President and Special Advisor to the Secretary of the Treasury. In her new role, Ms. Warren will be in charge of setting up the Consumer Financial Protection Bureau. This new consumer watchdog group will be devoted to protecting Americans from unfair and abusive financial practices.
“Ms. Warren is a natural choice for this position. She is a passionate advocate for the middle-class and has previously pointed to the need for a consumer protection agency. With Ms. Warren in charge, I have no doubt that Americans will finally see the kinds of common-sense reforms that are needed to protect consumers and our economy for the long-term.”
Oh, and Solanzo T? You’re pretty stupid aren’t you? Just starting to notice…
hey Vern:
This bit of news is a mixed set of news.
Great news that Professor Elizabeth Warren who I think is the most qualified was appointed to the ADVISORY role in setting this entity, and reporting to Treasury Secretary Tim Geithner.
The bad news is that President Obama “walked away” from appointing her to OVERSEE this new consumer protection agency because WALL STREET OPPOSED HER, and in addition because she was “challenging” Tim Geithner who also comes from the Finance world.
It appears that by refusing to appoint her to ACTUALLY run the new agency, by perception, President Obama has weakened this new agency, unless he nominates someone equal to or better than Professor Elizabeth Warren to look after the middle class….(remember that in a matter of months under Bush Administration US gave aways $1.1 Trillion in DIRECT CASH Sept 2008, and over $18 TRILLION in INDIRECT GUARANTEES that eventually will be a GIVEAWAY compared to a total ANNUAL US Economy of about $13 TRILLION.
Francisco J. Barragan
Santa Ana, CA
We need people that will protect the public. Professor Elizabeth Warren is a qualified, forthright person who will stand up for us, the people.
*Liz might yet slide right in there as Commissioner before the dust clears. Let us make
that choice known to the Obama people!
At this point any role Elizabeth Warren plays in this agency will be an improvement on the death grip Wall Street holds over our future. Wall Street’s power is unholy! Thank God for this great lady. Talk about fighting the powers that be! And good for Obama for standing in the gap. Maybe it isn’t the best news, but he has real balls challenging this mighty tiger! And yes, Tiger Woods IS still a very, very bad man.