Joe Nocera’s column Talking Business in today’s NY Times is interesting. It seems that the House subcommittee on financial institutions and consumer credit has summoned the great enemy, the great advocate for American consumers, Elizabeth Warren. Obama hired her last year to set up the new Consumer Financial Protection Bureau – he dared not appoint her director of the new agency because confirmation was very iffy. The banks don’t care for Ms. Warren you see. She won’t run interference for them and that’s just not right.
. . . the real purpose of the hearing: to allow the Republicans who now run the House to box Ms. Warren about the ears. The big banks loathe Ms. Warren, who has made a career out of pointing out all the ways they gouge financial consumers [us] — and whose primary goal is to make such gouging more difficult. So, naturally, the Republicans loathe her too. That she might someday run this bureau terrifies the banks. So, naturally, it terrifies the Republicans.
. . . rather than waiting until July to start helping financial consumers, Ms. Warren has been trying to help them now. Can you believe the nerve of that woman? . . . at the request of the states’ attorneys general, all 50 of whom have banded together to investigate the mortgage servicing industry in the wake of the foreclosure crisis, she has fed them ideas that have become part of a settlement proposal they are putting together.
She’s a hero and as clean as they come. You go Elizabeth, you go.