"Robert Weissman, Public Citizen president"Elizabeth Warren was the obvious best choice to run the Consumer Financial Protection Bureau (CFPB).

Wall Street and the Big Banks did not want her to get the job.

President Barack Obama decided to succumb to those interests, rather than fight for the American people.

Warren originated the idea of the CFPB. She was a tireless advocate for its inclusion in Wall Street reform legislation, and creation of the bureau is the signal achievement of that legislation. She has done an excellent job leading the team that is setting up the agency. She knows the issues better than anyone. She is an unparalleled communicator about the importance of protecting consumers from predatory financial interests.

Elizabeth Warren should be running the CFPB, and the only reason she is not is because of the financial lobby – and the Obama administration’s decision not to stand up to it.

Richard Cordray, the nominee to head the CFPB, has firsthand experience taking on financial industry wrongdoers and a distinguished record of defending consumer interests. Public Citizen will work hard to support him in running the most effective agency possible.

The Senate should confirm Cordray quickly so that he can use the CFPB’s full powers to crack down on the predatory practices – the rip-offs, hidden fees, deceptive advertising and much more – that are far too prevalent in the financial industry, and which played such a central role in the housing bubble and financial crash. It’s the CFPB’s job to make sure banks and financial companies are serving consumers, not systematically picking their pockets.

If the Senate will not confirm Cordray, President Obama should appoint him to head the agency during a Senate recess.

Forty-four Senate Republicans have said that they will not confirm anyone to the position until the agency is restructured in ways that would undermine its authority to protect consumers. Congressional Republicans also have indicated they would block a recess appointment, though Public Citizen has pointed out that they do not have this power, as a matter of constitutional law.

Robert Weissman is president of Public Citizen.

Comments

  • Lorene Rowland

    I agree so much. I can’t believe the Republicans have the power to control who is appointed. Senator Warren is the next option, but that will be a while. Obama truly was wrong in not appointed her over the objections of those who were so afraid of her wisdom

  • Sarah Apfel

    Enough with the poutrage over President Obama’s “Failure” to nominate Elizabeth Warren : She’s the first to admit that she didn’t stand a chance against the GOP obstructionists ! Let’s concentrate on trying to get Cordray confirmed.

  • Harold Tieger

    This is a failed president. His campaign promises are no where close to what he’s doing now.
    I am also deeply disappointed in Obama as he has shown to have no real courage to represent the people versus big corporations and has yielded any leadership to the religious right/ tea party
    crud.
    I voted for him but never again- I do not care who he runs against as I am running away from him.

    • Suzi

      That is just what the tea baggers & republicans want …so you are playing right into their hands. Sure I am disappointed in many of his decisions and I also realize I do not know what he does about his decisions, but, come on….going to the other side is like choosing mass murder over a splinter. I am so sorry you feel that way.

  • Pamella Gronemeyer

    Forty-four Republicans won’t support Cordray and we have to put up with a felon on the Supreme Court who doesn’t report income that his wife makes and is allowed to review cases that involve people who support him financially. How long will we let the Republicans destroy our democracy?

  • JK Langlois

    I am sick and tired of the President bowing to the Repub’s bullying. Stand up for what is right and ignore those who won’t protect the American people.

    • Harvey Reading

      Didn’t you listen to what the jerk was actually saying during the campaign? He’s doing exactly what he said he would do. Shoulda voted for McKinney or Nader.

    • Joseph Hill

      “Shoulda voted for McKinney or Nader.”

      I did….! I knew darned well that Obama was lacking in the courage it takes to be a ‘Transformational’ President. His ‘platform’ didn’t strike me as transformational…more like the same old rhetoric…and the same old results that we ought to expect from a political party so heavily invested in the ‘status quo’.

      Until we can open up the political landscape to include more perspectives/parties than we are currently allowed, we will continue to be victims of the “Lesser Evil” strategy that the Dems have been counting on to extort votes from an electorate that first need the bejeezuss scared out of them by one ‘crisis’ or another.

      After a while it gets frustrating and exhausting to be continually “chumped” into supporting a candidate who turns out to have been just a lot of hot air. No wonder half the eligible voters don’t bother anymore. What people SHOULD be doing is demanding changes in the voting laws–reforming ballot access laws to allow a 3rd (or 4th) party candidate a fair chance for his/her name to appear on the ballot…promoting ‘Instant Run-Off Voting’…allowing for ‘Fusion’ Candidacies’, ‘Proportional Representation’………etc.

      What we have now just ain’t working. We should all be ashamed that we have allowed this country to become little more than an adjunct or a subsidiary of the mega-corporatocracy.

  • I know it’s hard to say no when the right wing fascists own most of the media but we need to keep fighting back and call them what they are. The people are enlightened. Now is the time.
    Now, fast track Elizabeth Warren into the agency she built and knows best.

  • I understand Robert Weissman’s lament/disappointment that Ms Warren was not nominated; however, assuming that she will run for & win the Senate seat from Mass, what an ironic joy for her to serve as god-mother & watch over its growth and positive impact for consumers.

  • Sylvia Stachura

    Elizabeth Warren obviously has more guts then our President. She should be in charge of the Consumer Protection agency. We need someone to support the common man and woman. Please don’t turn into another wishy/washy political leader President Obama. We need guts in the White House. So follow your good instincts and stick to your first and best judgement.

    • Pizzaiolo

      Obama is a liar, a phoney and an opportunist. I invested massive hours and energy and money to help elect this cretin in 2008. No more!!!

      I wish Bernie Sanders would challenge this loser. Bernie is one of the last few who tirelessly represent the middle-class, the poor and the unhealthy instead of the rich, the corporations, the special interests who have effectively bought the Congress and now I know, the President too!

      Obama is a disgrace!

  • Harvey Reading

    Draft Warren for President in 2012. We need her, and we need Obama out on his ass. With “friends” like him … Same goes for the democrapic party, particularly wishy-washy Reid and Pelosi. Wish they’d just merge with the rethugs and let a progressive party arise.

  • Greyfox

    I sometimes wonder just who’s pocket “Our President” is in. Warren put years into this project, is the only person on the planet who can make it work, and “Our President” throws her a bone!!

    We need another political party. Ralph Nader, and the American Independant Party?

  • Outraged…really!?! Why should Obama do the same thing as the Tea Party idiots in the House and pass a bill (political brinkmanship. Of course!) that has “zero” chance of becoming law and nominate Warren who had “zero” chance.

  • Just thought of a “Dream” scenario…the Repubs block Cordray and Obama does a recess appt of Warren!!!

  • Disgusting…chalk one up for the frat boys on the House Committee which oversees teh CFPB. By that, I mean, that to watch the hearings involving Ms. Warren and those that would seek to undermine her was abhorrent at best. I can just imagine the President watching the degree of confrontation contrived by the committe memebers in the Majority designed to show the American people that they and the potential nominee could not even agree on the scheduling of the hearing! So then, Mr. Obama gets a queasy stomach because the proceedings are less than cordial? Hello, half of the panel was made of Tea Party Republicans. So, naturally, why should Mr. Obama stick to his guns? Does he actually think that the Republicans in Congress and the Wall Street types will be any more receptive? He has conceded virtually everything. I hope Ms. QWarren does run for the Senate in Mass.! The country needs more like her in order to put on notice those that would thumb their noses at any notion of regulating our financial institutions!

  • Norman MacRitchie

    Not appointing Warren was an act of cowardice I would never have expected from President Obama. I am deeply saddened.

  • Jack

    al preciado is right! Money talks, sensibility walks.
    Just another indication of just how much Obama has bent to the corporate pressure. Not the straight stick in the forest I voted for.

  • Moe

    Obama should run as a Republican in 2012.
    Then we’d be free to find a strong candidate to head the Democratic ticket.
    What a disappointment he’s been!

  • Jack

    al preciado is right!
    Money talks, sensibility walks.
    Just another indication of just how far Obama bends to accommodate his corporate interests. For sure not the straight stick in the forest that I voted for.

  • Lino Santis

    Disappointed that POTUS gave up yet another thing to the repupigs. Elizabeth, get yourself elected in Massachusetts, I will be the first to send a campaign contribution. Even better, I will campaign for you if you want to challenge Obama…

  • Ralferd Freytag

    I hope the people that are declaring they will never vote for Barack Obama again, and will vote for anybody but him, will change their minds by the time 2012 comes around and Barack Obama is the Democratic candidate. If the diappointed votes do in 2012 what they did in 2010, we’ll have a repeat of what is going on in Congress now, only worse. Yes, a Republican president with a Republican congress will be functional, but what they will do will make everybody’s head spin. If you are surprised by what has been going on in Wisconsin, Ohio, Michigan and other states with Republican leadership, figure that as happening in the halls of the Capitol in Washington, D.C. You’ll see the disappearnace of Social Security, Medicare, comprehensive medical coverage (which would be a pity, I think, as unacceptable I find that legislation to be), and on and on. The middle class of the US will be thrown onto the tracks in front of the Republican juggernaut of rollling back all social legislation. I hope the people who are concerned about the well-being of middle class and poorer Americans will hold their noses, if they have to, should Barack Obama be the Democratic candidate, and vote Democrat even if they are really pissed of at Obama.

  • David J.S.

    Obama should ‘man-up’ and nominate Elizabeth Warren and then he should raise the tax limit on the super rich before the country and the middle class implodes and then alter the status of individuals to that of a corporation so the middle class will no longer be in servitude to them. After that he should find a legal loophole to fire five corrupt supreme court justices and then maybe we will be able to get a job, pay our bills and compete with China before they completely defeat us and then become who we use to be.

  • Joan Caro

    So the Repubs get a man instead of a woman in this position. The “good ol’ boy” system was who got the bone! Mr. Cordray will work just as hard following her lead and Ms. Warren will be a Senator ~ where she can VOTE! We need to get the Repub crud OUT! They were only voted in by default. Pres. Obama tries to compromise ~ he HAS to ~ he’s not a dictator. But you’ll see. God’s gonna take all this crap and grow beautiful flowers from it. I’m a die-hard Democrat and proud of it!

  • Joan Caro

    The “good ol’ boy” system was who got the bone! Mr. Cordray will work just as hard following her lead and Ms. Warren will be a Senator ~ where she can VOTE! We need to get the Repub crud OUT! They were only voted in by default. Pres. Obama tries to compromise ~ he HAS to ~ he’s not a dictator. But you’ll see. God’s gonna take all this crap and grow beautiful flowers from it. I’m a die-hard Democrat and proud of it!

  • Vanessa Nagel

    I am truly disappointed in President Obama. The biggest crisis this country has probably ever faced and he couldn’t rise to the challenge. When will our government assure that we will not allow Wall Street to continue undermining the American people?

  • Robert Eckel

    Elizabeth Warren should have this job.
    Damn the Teabaggers!

  • Viv

    This is way way way beyond who the President is. So much of this depends on who is in the Senate & Congress all over the country. This is what we have to focus on and organize around – getting more progressive candidates into the House. Obama is the best we can do for President for 2012 – let’s get more people like Bernie Sanders in place to force him to be more progressive.

  • Patricia Whitesel

    I have never been so excited by a Presidential candidate, as I was by Candidate Obama.
    I agree with Seth Myers statement that this Obama should meet candidate Obama from 2008.
    President Obama has great verbal intelligence, but unfortunately, the performance intelligence required for the job, seems to be lacking. I remember seeing one of his Harvard teachers, in an interview on television, say Obama, as a student, didn’t adequately demonstrate the strength of his convictions.

    President Obama may as well be a Republican, as far as I’m concerned;he’s given away the American Treasury to Wall Street, Big Oil, Big Pharma and the Republicans. I plan to write in Bernie Sanders name on my ballot in the primaries.

    Trish Whitesel

  • Forget about this appointment. The MASS Democrats MUST nominate Elizabeth Warren for SENATOR in the 2012 election. She is the BEST Candidate to beat the pretty boy republican and to carry on Ted Kennedy’s work. SHE CAN THEN CARRY ON HER INTELLIGENT EFFORTS WITHOUT APPROVAL FROM WISHY WASHY DEMS AND CORRUPT REPPUBS.
    WIN THE SENATE SEAT WITH WARREN.

  • Bobbie

    I’m a registered Independent and a Progressive who worked and voted for Obama. Sometimes he disappoints me too. I almost threw in the towel when he gave up Public Option in health care reform. But he isn’t King Obama and politics is the art of the possible, and sometimes I wonder if Obama knows how to play the game better than I think.

    I’ll continue to watch Obama’s opposition for 2012. But sometimes I think that if he’s re-elected, we may see some serious aggression in Obama. He’ll have more experience, and what will he have to lose?

  • Kimberly Stovarsky

    That was interesting, I wonder what we can do.

  • alfred preciado

    Money talks, sensibility walks
    Get the picture folks?
    What happened?
    Oh ! I remember now, it appears that the people’s choice doesn’t count any more, only greed and power do.
    The good people who want to change this power play grab are walking away.
    Good bye, so sad.

  • al preciado

    Money talks, sensibility walks.
    Get the picture folks?
    What happened?
    Oh ! I remember now, it appears that the people’s choice doesn’t count any more, only greed and power do.
    The good people who want to change this power play are walking away.
    Good bye, so sad
    Let’s change the players ASAP.

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