Monday, July 18, 2011

"Elizabeth Warren for Senate"

That is a bumper sticker I hope to see. Elizabeth Warren is the Harvard law professor and the smart, tough, articulate start-up head of the Consumer Financial Protection Bureau. She has created it, developed it from a start-up idea to a fully formed and ready to function watchdog -- a key new regulating agency to prevent what got us in the financial mess we are in. CFPB will focus on protecting the interests of the middle class consumer -- credit card, mortgages, bank loans, etc.

Naturally, the Republicans are so opposed that it would be impossible to get her confirmed by the Senate as the first CFPB Director. They've already said they would use the filibuster -- and in fact they have threatened to block any appointment as Director unless the agency is weakened.

The CFPB is the key to regulating our financial system at the consumer level. As Warren writes:
The DNA of the new consumer agency is well established. Our mission is clear: No one should be tricked in any financial transaction. Prices and risks should be clear. People should be able to make apples-to-apples comparisons. Fine print should be mowed down, not used to hide nasty surprises. And, everyone -- even trillion dollar banks -- should follow the law.
This is what the Republicans want to block from ever being put in operation. Short of killing it outright, they want to reduce its authority, fail to approve a competent leader, and have it go the way of most of what really would work in Washington.

A grassroots petition campaign urged Obama to nominate Warren anyway, make the fight, force the Republicans to declare themselves opposed to sensible regulation of the fat cat banks and the obviously most qualified person to lead it. He finally chose not to put Dr. Warren through the charade (or maybe she decided); but he has nominated perhaps the next best person, Richard Cordray, personally selected by Warren to work along side her and develop the agency along with her. He is the former Attorney General of Ohio.

In announcing Cordray's nomination, Obama said this:
“I also want to thank Elizabeth Warren not only for her extraordinary work standing up the new agency over the past year, but also for her many years of impassioned leadership, and her fierce defense of a simple idea: ordinary people deserve to be treated fairly and honestly in their financial dealings. This agency was Elizabeth’s idea, and through sheer force of will, intelligence, and a bottomless well of energy, she has made, and will continue to make, a profound and positive difference for our country.”
Elizabeth Warren is the kind of public servant we need in every seat of government -- dedicated to doing what is right and making things work for the people, seemingly without being influenced by special interests with deep pockets to reward her for doing their bidding.

Let's hope the people of Massachusetts see fit to elect her to the Senate. She may be the one Democrat who could beat Scott Brown. She would be a formidable voice in the Senate, not only for regulation of our financial institutions -- but she is a forceful and unusually articulate voice for reason and effectiveness in government. She would be a terrific senator, worthy to occupy "the Kennedy seat."

Ralph

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