Posts Tagged ‘elizabeth warren’

July26

Confirm Richard Cordray

By: Rick Claypool

Last week, President Obama nominated Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB).

It is disappointing that the president didn’t pick Elizabeth Warren.

But it is heartening that Elizabeth Warren picked Richard Cordray.

As Warren was assembling the new agency, she chose Cordray, a former Ohio State Attorney General, to run the agency’s enforcement division. She did so because of his history of standing up for consumers and winning against Wall Street and big banks that tried to rip off their customers.

Here’s what Elizabeth Warren said when she heard Cordray was nominated to lead the bureau:

“Rich has a proven track record of fighting for families during his time as head of the CFPB enforcement division, as Attorney General of Ohio, and throughout his career. He was one of the first senior executives I recruited for the agency, and his hard work and deep commitment make it clear that he can make many important contributions in leading this agency. He will make a stellar director. I am very pleased for Rich and very pleased for the CFPB.”

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Posted in: Activism, Congress, Consumer Protection, Financial Reform, Product Safety, Regulation1 comments

July18

This week, in the Halls of Power . . .

By: Rachel Lewis

"Rachel Lewis" "CitVox"Liberty reporting here, on another busy week the nation’s capital!

Last week, you may recall, Public Citizen demanded fracking be regulated. This week, we turn to nuclear power. Tomorrow, the Nuclear Regulatory Commission (NRC) will be considering recommendations on what to do to secure U.S. nuclear reactors in light of the disaster in Japan. Public Citizen will be issuing a statement tomorrow morning about our concerns regarding spent fuel pools and other issues.

Also tomorrow, Public Citizen’s Health Research Group, led by public interest veteran Dr. Sidney Wolfe, will have something to say tomorrow about a dangerous drug. Stay tuned.

On Wednesday, another staged hearing drawing on the testimony of biased industry representatives with dogs, or should I say wallets and/or campaign coffers, in the fight. Expect more empty and unproven rhetoric about how regulations are, expensive, unnecessary, costing jobs and sending the economy down the toilet. All will fly in the face of the facts.  Visit the Coalition for Sensible Safeguards for more information and stay tuned for the launch of a campaign that you can get involved in later in the week! Plus, be on the look out for a new report on executive compensation . . .

Thursday, get out a candle and your party hats as the Wall Street reform bill, aka Dodd-Frank, turns one year old. Actually, put away the party hats. The truth is it’s been a rough first year.

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Posted in: Activism, Congress, Consumer Protection, Financial Reform, Nuclear Power, Regulation1 comments

July18

Wall Street torpedoes Warren appointment; Senate should confirm Obama pick for consumer financial agency

By: Robert Weissman

"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.

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Posted in: Congress, Consumer Protection, Financial Reform, Midmorning Refill, Regulation36 comments

July15

Sad realities illustrate dire importance of Consumer Financial Protection Bureau

By: Editor

By Heather Arkwright, Public Citizen communications intern.

With the one-year anniversary of the Dodd-Frank financial reform law coming up next week, it is imperative that the Obama administration kick the Consumer Financial Protection Bureau (CFPB) into gear—before more innocent people are taken advantage of.

Take, for example, Mildred Morris, a single mother in West Virginia who used her car title to secure a $700 loan to pay for her son’s freshman college dorm fee, the Center for Public Integrity revealed Friday.  Fast Auto Loans, the company Morris used, charged an interest rate of 300 percent annually, a ridiculous sum, especially considering that her loan was just for $700.  After months of payments adding up to more than $1,000, Morris gave up and Fast Auto Loans drove her car away.

The CFPB would regulate companies such as Fast Auto Loans to make sure that loans provide value—not landmines—to borrowers.  However, the big guys on Wall Street are trying to pass bills to stall the bureau, ensuring that it’s “business as usual” for them and more fees, financial tricks and snares for everyone else.

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June21

Republicans do not have the power to block an Elizabeth Warren recess appointment

By: David Arkush

"David Arkush"If you’re following the story of whether President Obama will nominate Elizabeth Warren to head the Consumer Financial Protection Bureau (CFPB), you’ve probably heard that the Republicans found a way to block even a recess appointment. It turns out that’s mistaken.

Media outlets have reported that the Republicans, despite being the minority party in the Senate, can block not only Senate confirmation by the Democratic majority (using the standard filibuster), but also a recess appointment—by stopping the Senate from adjourning. How can the minority party stop the Senate from taking a break? Press accounts haven’t explained or elaborated on the point, except to report that apparently it’s the House—meaning Speaker Boehner—that can hold the Senate open. That doesn’t explain much.

Here’s the rule:

Neither House, during the Session of Congress, shall, without the Consent of the other, adjourn for more than three days, nor to any other Place than that in which the two Houses shall be sitting.

That’s Article I, section 5, clause 4 of the U.S. Constitution. You have to hand it to the House Republicans. They read the Constitution.

But they may not have read the whole thing.

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Posted in: Congress, Consumer Protection, Financial Reform11 comments

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