Congress, America Back Warren In CFPB Director Nomination

By Sarah Mamula - Talk Radio News Service

President Obama recently signed into law the Dodd-Frank Wall Street reform bill, and in doing so, he also created the new Consumer Financial Protection Bureau (CFPB). The bureau’s mission is to protect consumers from unfair and deceptive treatment by financial providers. Now, the question on Capitol Hill is, who will Obama appoint as the new CFPB Director? Congress appears to have one person in mind, Professor Elizabeth Warren.

“It is absolutely necessary that we have a strong smart consumer advocate who will look out for the needs of ordinary people as the head of the CFPB,” said Senator Bernie Sanders (I-VT). “Professor Elizabeth Warren is that person.”

Harvard Law School Professor, Elizabeth Warren, became the chair of the TARP Congressional Oversight Panel and has advocated the creation of the CFPB since 2007. Warren has Congressional leaders from both the House and the Senate pressing President Obama to nominate her for the positition.

“Who better to serve as director of the bureau than its architect?” said Rep. Rosa DeLauro (D-Conn). DeLauro also emphasized that Warren predicted the current recession three years ago, and has been “fearless” in speaking her mind without thought of gaining “disfavor of those at the top.” 

Warren not only has Congress supporting her nomination, but according to Rep. Carolyn Maloney (D-N.Y.), 140,000 Americans have signed a petition in their support for Warren.

“The bill signing was just the first step,” said Rep. Maloney. “The implementation is just as important as passing the bill.”

After the Senate’s recent grilling of Elena Kagan, Rep. Maloney welcomes the confirmation process and stands behind a Warren noination.

“Her confirmation is a fight worth having,” Maloney said.

Sen. Tom Harkin (D-Iowa) added that Republicans would have no reason to oppose her. 

“Are the Republicans going to argue that she shouldn’t be confirmed because she’s too tough on the big banks…[and] the financial industry?” said Harkin. “Boy, that’ll get them a lot of votes in November.” 

Led by Sen. Harkin and Rep. Maloney, letters signed by over 50 House members and 12 Senators were sent to the President strongly encouraging his nomination for Warren.