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Posts Tagged ‘Consumer Financial Protection Agency’

Warren

A tweet last night from the Nation’s Katrina vanden Heuvel has raised expectations that President Obama will soon nominate Elizabeth Warren to head the new Consumer Financial Protection Agency.  Betty Cracker at Rumproast says if the rumor is true, she’s looking forward to the confirmation fight:

I’d love to see the brilliant, no-nonsense Ms. Warren on teevee analyzing the big shitpile and spelling out exactly how the GOP and its enablers stacked the deck in favor of their sugar daddies at the expense of the middle class.

While Public Citizen has been pushing for Warren to get the job because of her tough, bulldog  approach to Wall Street abuses, Liberaland’s Yashwanth Manjunath says if Obama really wants Warren for the job, he’d just bypass Congress and make her a recess appointment. He doesn’t see it happening, though, because neither the Democrats nor Republicans are all that interested in really reforming the financial markets.

This issue has nothing to do with “liberals” and “conservatives”; it has to do with power, and who really has it in Washington. Elizabeth Warren has no shot of being confirmed by this Congress because, as Dick Durbin once admitted, “the banks own the place.”

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Famed comedian and talk show host Stephen Colbert has long acknowledged “The Colbert Bump,” meaning the increased popularity of a person, website or issue after appearing as a guest or discussed on his show, The Colbert Report.

Here’s hoping that’s the case after last night’s show, because Colbert discussed a few issues near and dear to our hearts here at Public Citizen.

First, he discussed the new Consumer Financial Protection Bureau, created with the new Wall Street reform law, and mentioned Elizabeth Warren as liberals’ pick to head the new agency. (Public Citizen thinks she should.) But then — BAM — (more…)

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A photo of Elizabeth Warren

Wall Street reform is on its way to becoming law. Most central to financial reform is the creation of the Consumer Financial Protection Bureau. It is one of the bill’s hardest won and most meaningful reforms. But whether the new bureau delivers on its promise depends in large part on who runs it. There’s no doubt who would be the most effective leader of the new bureau: Harvard law Professor Elizabeth Warren.

Warren first proposed the creation of a new consumer financial protection agency. And as head of the Congressional Oversight Panel, she has led the commission that has been the official group that has been the toughest – by far – on Wall Street. Because of her accomplishments and because we know she will fight for consumer rights, Public Citizen asks President Barack Obama to appoint Elizabeth Warren to lead the Consumer Financial Protection Bureau.

Ever since she was first mentioned in the discussion about Wall St. reform, the banks have been fighting against Warren’s appointment. They know she has both the will and the intelligence to effectively regulate them and they will put all their might behind a huge lobbying effort to stop her nomination and appointment. We have to use our own power as citizens to secure her appointment. Sign our petition to get Elizabeth Warren to lead the Consumer Financial Protection Bureau.

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… and Rep. Bean (D-Ill.) along with some other members of Congress have been armed by financial industry lobbyists with the pliers to yank ’em out. The bill to create the Consumer Financial Protection Agency (H.R. 3126) goes up for a vote on Thursday, and Public Citizen is fighting on all fronts to stop the effort to weaken the proposed agency.

How is Wall Street fighting reform? By throwing money at it, of course. From our press release:

The finance industry has been soaking members of Congress in campaign cash, and these efforts to weaken the CFPA show that the effort might pay off. According to data from the Center for Responsive Politics (CRP), the four largest banks contributed $16.9 million to federal political campaigns and spent $23 million lobbying in 2008. Two-thirds of Bean’s campaign cash for the 2010 cycle – $438,337 of $668,677 – comes from lobbyists and lobbyist-connected PACs. Forty-two percent – $269,800 of $668,677 – of Bean’s cash comes from the finance, insurance and real estate (FIRE) industries. The data also show that two-thirds of Bean’s campaign money comes from political action committees (PACs) and that 53 percent of her PAC money is from FIRE industries.

We’re fighting some well-heeled oppenents, no doubt about it. But Art Levine in the Huffington Post writes about our effort to defeat the Bean amendment that would significantly weaken the bill, noting that “Despite the odds they’re facing this week, Public Citizen, among other groups, sent out alerts to its 100,000 members calling for them to contact their representatives to back a strong bill.”

Join the fight for a strong Consumer Financial Protection Agency.

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Yesterday, President Obama submitted his proposal to create a new consumer protection agency to Congress—and it’s already stirring up a debate.

First, take a look at some of the functions of the Consumer Financial Protection Agency (CPFA), as outlined by the Associated Press:

  • oversee products used by consumers such as mortgages, credit cards, payday loans and terms on savings accounts;
  • be in charge of implementing a law passed by Congress this spring that protects consumers from sudden interest rate increases on unpaid credit card balances;
  • be required to police the market continuously and publish its findings once a year; and
  • consist of a five-member board, with four members nominated by the president and confirmed by the Senate. The fifth member would be the director of the new National Bank Supervisor, a proposed merged agency to create to take over bank regulation duties.

We think the president’s proposal to create a new CFPA will add much needed oversight of an industry that has run wild at great expense to consumers and homeowners. The current lack of oversight and regulation, along with Wall Street’s unchecked greed, drove this country into its current financial crisis. Americans deserve an agency that will put their financial well-being ahead of the short-term profits of a few Wall Street banks. (more…)

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