‘a big week for the new consumer agency’

Elizabeth Warren: This is a big week for the Consumer Financial Protection Bureau (CFPB). Today, the President will announce his intent to nominate Richard Cordray to serve as its first Director. On Thursday, the CFPB makes its transition from a start-up to a real, live agency with the authority to write rules and to supervise the activities of America’s largest banks.

Rich will be a strong leader for this agency. He 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 he can make many important contributions in leading it. Rich is smart, he is tough, and he will make a stellar Director. I am very pleased for him and very pleased for the CFPB.

…. Our mission is clear: No one should be tricked in any financial transaction. Prices and risks should be clear. People should be able to make apples-to-apples comparisons. Fine print should be mowed down, not used to hide nasty surprises. And, everyone – even trillion dollar banks – should follow the law…..

More here


President Barack Obama announces Richard Cordray as his nominee to be the Director of the Consumer Financial Protection Bureau in the Rose Garden, July 18. Obama was joined by Elizabeth Warren, Special Advisor on the Consumer Financial Protection Bureau, and Treasury Secretary Timothy Geithner.


Ezra Klein: There’s a fair amount of disappointment over the White House’s decision to formally nominate Richard Cordray rather than Elizabeth Warren to lead the Consumer Financial Protection Bureau….

I don’t really understand this. Whoever is nominated to lead the CFPB is going to spend the next year of his life being filibustered by Republicans …. so the question isn’t who you want leading the CFPB for the foreseeable future. It’s who you want spending his or her time being stopped from leading the CFPB for the foreseeable future. And it’s not clear that the answer to that question is “Elizabeth Warren.”

Warren, after all, has another option that she appears to be taking seriously: challenging Scott Brown in the 2012 electionm … if she wants to do that, she can’t spend the next year being blocked from leading the Consumer Financial Protection Bureau…

…. Cordray, a former Ohio attorney general with a great reputation in consumer-protection circles and Warren’s blessing, doesn’t have anything to run for until Ohio’s governorship opens in 2014. By all accounts, he’s a good choice to lead the agency now, if he can somehow get past the Republicans, and spending a few years publicly fighting to protect consumers is unlikely to hurt him back home.

… given the information we have now, it seems like a fairly smart way to deploy the talents and preserve the future options of the various consumer protectors whom Republicans plan to filibuster.

Full post here

Thanks Meta

59 Responses to “‘a big week for the new consumer agency’”

  1. 1 meta
    July 18, 2011 at 10:57 am

    Let the battle begin. We are on the right side.

    I really like what Ezra has to say about this appointment:

    The case against nominating Elizabeth Warren


    • 2 COS
      July 18, 2011 at 11:10 am

      I turned on Bill Press show this morning and the first thing I hear is him complaining about PBO not fighting for Elizabeth Warren and nominating her, although he knew that she could not get confirmed. I am sure PBO and Elizabeth talked about this. I would love to see her give Scott Brown a run for his money and unseat him in.

      • 3 TrumpDog
        July 18, 2011 at 11:29 am

        Someone should have called and pointed out that she said in her NYTimes interview that President Obama gave her a choice of two jobs to focus on and SHE made the choice — and that choice was never to Head the Consumer Protection Agency. http://video.nytimes.com/video/2011/07/15/business/100000000947790/dealbook-portraits-elizabeth-warren.html

        I used to wake up to listen to Press. But hte’s like Ed Schultz too much with his hair on fire and complaining all the damn time. I had to stop listening to him.

        • July 18, 2011 at 12:57 pm

          On point TrumpDog. She had no desire to be the day to day administrator from jump.

        • 6 desertflower
          July 18, 2011 at 1:50 pm

          Fabulous, TrumpDog! I shared this link with Deaniac over at TPV:) Thank you!!!! you’re the best.

        • July 18, 2011 at 6:22 pm

          You are right TrumpDog. Frankly I think what she set up is a huge accomplishment. I agree with Ezra that it would be a hell of a difficult job because of the scrutiny of the repug who will continue to try and destroy it. Remember how hard they went after her when she testified? Truth of it is those ashats on the right do not like to see women in power. Look at the way they treat their fellow republican women. Shameful. They rarely even get to speak.

          Elizabeth is good at planning. How about her heading an oversight committee that would investigate congress critters for infractions against their laws of operation? No more corporate sponsors coming around or lobbyists. I am sure she would get elected in Mass., but that is such a frustrating job. If she were to head an agency, she will be able to really accomplish things.

      • July 18, 2011 at 2:48 pm

        Yes COS, I heard that too. The minute PBO started fighting the battle Press wants -he and all the other UNprofessional Left folk would be hollering that he is spending too much time on that and what about JOBS!!!! He even had the nerve to say that Pres Bush fought for what he wanted – how quickly they forget what it was Pres.Bush wanted and got! They who claim to hate Pres Bush always trying to compare our wonderful President Obama to him.
        They only want to complain and get mad because they can’t tell “that one” in the WH what to do – they are so much smarter than him you know!!!!
        I clicked him right off because the callers he takes always agree with him. Try Joe Madison in the mornings – he is grouchy but most of the time he has the President’s back.

        • July 18, 2011 at 7:03 pm

          oh yeah. Bush got tax cuts and wars. Two of the easiest things to get from congress. big whoop. Meanwhile his privatization scheme and immigration plans went over like a lead balloon. Can we say selective memory?

        • 11 COS
          July 18, 2011 at 9:41 pm

          Thanks louc1, I will give Madison a try. I am sick of Press.

    • 12 Ladyhawke
      July 18, 2011 at 1:41 pm

      meta, thanks so much for this wonderful video of Elizabeth Warren. She is a treasure, I just love her. I wish this video could go viral. The passion she displays is remarkable. We are so lucky to have this amazing woman on our side.

      Did you also post this at BWD??

  2. 14 Debz
    July 18, 2011 at 11:06 am

    3-2-1…..OMG! Elizabeth Warren is a sell-out, corporate tool!!!
    I hope she does run for the Senate, she would be a great Senator and the good ole boys club need some new blood of strong women!

    • 15 utaustinliberal
      July 18, 2011 at 4:19 pm

      She really would be a good choice to remove Scott Brown who voted for Paul Ryan’s Kill Medicare Bill. The bill is not only atrocious, but to cast a death knell vote like that when you represent Massachusetts; home of universal healthcare is egregiously stupid.

      From day one Elizabeth Warren said she never wanted to lead the CFPB. The President offered her two choices and she made her decision. Also on MSNBC it was reported that she’s been talking with Senator Schumer, Kerry, and other democratic big wigs in Washington and Massachusetts. So hopefully, fingers crossed. 🙂

  3. 16 Fred
    July 18, 2011 at 11:07 am

    Baba Wawa who was on a boat vacationing in Sicily and Malta with friends she refused to name was just yapping that she didn’t like the fact that the President chose their time slot of 11 am for the press conferences he gave regarding the debt ceiling talks 🙄

    • 17 hopefruit2
      July 18, 2011 at 11:09 am

      Could one of those vacationing “friends” be Mankini ($1 million in debt), or Hagianna (corporate stooge sell-out# 1)?

    • July 18, 2011 at 11:10 am

      Yeah because people are just clamoring to hear what Baba Wawa (LOL) has to say and hear her parrot her republican friends’ talking points.

    • 25 lisalovesobama
      July 18, 2011 at 11:48 am

      That’s all Babwa Wawa has to complain about? The fact that PBO cut into her time slot? Does she not realize he’s the POTUS? He doesn’t serve at the whim of eggheaded nutbags like Wawa and her ditzy sidepart Elizabeth Hackjob? 🙄 She is truly, truly a piece of work. Why doesn’t she complain about the con job the Repugs are doing? Why doesn’t she use her platform to shed a light on the fact that repugs are in essence committing treason? That woman is becoming more and more irrelevant by the day. :roll:—-what am I saying? 🙄 she’s been irrelevant since the 1990s. 🙄

  4. 26 gd4obama
    July 18, 2011 at 11:12 am

    Of course the rethugs will block anyone, after all they despise anything that benefits the middle class and not their corporate masters. Why do republicans hate America?

  5. July 18, 2011 at 11:13 am

    I think Cordray will be harder to block that Warren would have been because he has the experience of running a bureaucracy given his stint as Ohio’s AG. Now the GOP isn’t blocking on any candidate qualification grounds to begin with, saying they want major changes and a 5 member board rather than just a lone head – but once the debt ceiling is handled I’m hoping that the Administration and Senate will crack down on the blatant obstruction from the GOP Senate and could use Cordray as it’s posterchild as it would force the GOP to defend blocking somebody that they’re obligated to confirm based on the merits, not block to try and re-write the legislation that already has been passed. I think that is a losing position for the GOP, and that they would have then parried to attacking Warren as unqualified for the position given she has no management experience.

    • 28 hopefruit2
      July 18, 2011 at 11:17 am

      Something tells me that PBO and Warren sat down and planned this all out.

      • 29 Ladyhawke
        July 18, 2011 at 11:27 am

        This editorial broke my heart. Peter Diamond describes the problem perfectly. He calls out Senator Shelby and makes him look petty and small.

        When a Nobel Prize Isn’t Enough

        But we should all worry about how distorted the confirmation process has become, and how little understanding of monetary policy there is among some of those responsible for its Congressional oversight.


  6. 30 Ladyhawke
    July 18, 2011 at 11:21 am

    Of course, it is already reported that Senator Shelby of Alabama plans to block the appointment of Attorney General Richard Cordray.

    It’s was good to see this post from Booman Tribune. Bottom line, we have already defaulted politically because DC is broken. This is a great post to tweet to reporters. Congress needs to do their jobs and so do reporters.


    by BooMan
    Mon Jul 18th, 2011 at 10:27:09 AM EST

    Washington Post reporter Dan Balz was on Chuck Todd’s MSNBC show this morning and, among other things, he said that we have already had a default in Washington DC. We’ve had a default of politics. I think that’s about right. There are a lot of shortcomings in our political system that are essentially permanent features that are built in by our Constitution and other laws and by rulings of the Supreme Court. But most of us can live those shortcomings. We’ve known them our whole lives, or nearly so. What we can’t live with is a politics of perpetual crisis, with gridlock and effective minority control of the Senate. It needs to be understood that the Democrats have only nominal control of the Senate. They can prevent most things from coming to the floor and they have near-total control of the calendar. But only the Republicans can actually pass a bill. Without control of the House, even passing some things by a simple majority under budget reconciliation rules is no longer possible. It didn’t used to be this way.

    The Senate’s 60-vote requirement simply doesn’t work when the two parties are completely diametrically opposed to each other on almost every single issue under the Sun. Why would we want a system where the party with less members has to approve everything from the appointment of cabinet members, to the confirmation of judges, to whether or not to adjourn or recess?

    Our politics are broken. The only way to fix our politics is for one side of this game to prevail in overwhelming fashion and change the rules so that we can have a government capable of taking decisions and reacting to crises rather than one that is at constant loggerheads and just bounces from one crisis to the next without ever resolving anything.


    • 31 hopefruit2
      July 18, 2011 at 11:34 am

      It’s time these pundits (including our friend Booman) start calling it for what it is. The REPUBLICANS refuse to cooperate because they have pledged to oppose this duly elected President from day 1. It’s not Washington that is broken, it’s the Republican party practicing treason disguised as “opposition.” They cannot assassinate him physically, so they attempt to do so politically.Let’s call a spade a spade and stop dancing around the issue here.

      • 32 lisalovesobama
        July 18, 2011 at 11:38 am

        So true hopefruit, so true.

      • 33 bonkers
        July 18, 2011 at 12:30 pm

        That’s exactly it, hopefruit. It’s amazing how strong the false equivalency/”they all suck” storyline takes hold even with many rational people in my life. Shows how damaging the “false equivalency” schtick is, and has been for decades since it was developed specifically as part of the strategy to make American’s hate their “gubnint” no matter how much good it can do. For years I’ve been trying to highlight for people how the childish insanity is 90% Repub and the fake-Dems, and “they do NOT all “suck.”

        It’s not me being partisan….it’s simple truth that is easily documented and shown.

  7. 34 MTmarilyn
    July 18, 2011 at 11:22 am

    That is a great read. I really hope that he gets thru the trash talking repubs. They have no love for the middle class. I think Elizabeth would be a great senator. But does she want to go thru more hate. I think with her as an advisor to the President she can do alot without her being in the spotlight all the time. I trust her judgement.

  8. 35 Ladyhawke
    July 18, 2011 at 11:43 am

    The vanishing GOP: symbolic votes and tax cut religion

    The fact that Boehner has to let his caucus take so many symbolic but meaningless votes — Defund Planned Parenthood! Defund NPR and Shut Down the EPA!!! An Unpassable Balanced Budget Amendment! Cut, Cap and Balance!!! — shows how little influence he actually wields as speaker.

    But it says something deeper about Mr. Boehner’s party, which is now captive to an ideology that is getting closer every day to being a religion. The text of that religion is provided not by a Bible, but by slogans repeated on talk radio and on Fox News. Gimmicky sounding “solutions” to America’s problems (Cut, Cap, Balance!) — all of which boils down to a single obsession: keeping taxes on the rich and corporations as low as humanly possible, and preventing those taxes from ever going up.

    Grover Norquist has created his very own religion.


    • 37 Debz
      July 18, 2011 at 11:56 am

      Good job DNC. And good job PBO supporters!

    • 38 Keith in C-bus, Ohio
      July 18, 2011 at 1:28 pm

      Thats all well and good. But we all know where their real funds will be coming from. Have we forgotten Citizens United? The Rethugs will have plenty of money to play with in the General election.

      • 39 Debz
        July 18, 2011 at 1:53 pm

        Don’t forget there are Dem groups who are taking advantage of the Citizens United law. Also, I think we are going to be overwhelmed with stupid advertisements, they are already starting. At some point, every one gets tired of the ads and begins to ignore them. The more ads, the less we like, so I don’t worry too much. The election will be won on the ground with us out working. Also, don’t sell short twitter and facebook.

  9. 42 gd4obama
    July 18, 2011 at 12:31 pm

    So the RNC under Rince Prius(lol) is $17.5 million in debt? And these fools want run the country? Well maybe run it to the ground….

  10. 43 hopefruit2
    July 18, 2011 at 12:57 pm

    MTmarilyn just posted that LIz Warren is going to be on MSNBC with Andrea Mitchell right after the President makes his announcement. Let’s see what she has to say.

  11. 44 hopefruit2
    July 18, 2011 at 1:18 pm

    Prez sounds like he’s in a mood to fight.

  12. 45 MTmarilyn
    July 18, 2011 at 1:20 pm

    I love what the President is saying. He is being forceful about this issue. That’s why reform matters. I will fight any changes to this law.

  13. 46 AJ
    July 18, 2011 at 1:36 pm

    Dear Elizabeth,

    Pleeeeese run for Senate…we need to get rid of Scott Brown and his Truck. I mean, Mike Capuano’s a great Dem and all that, but you’d be SPECTACULAR!

    Massachusetts AJ

  14. 47 MTmarilyn
    July 18, 2011 at 1:37 pm

    She didn’t say no just that she needs a rest now. We will see.

  15. 48 Bobfr
    July 18, 2011 at 2:06 pm

    More brilliance on the part of the President and his entire team. Ms Warren will be Senator Warren come Jan 2013. Mr Cordray is going to make life very unpleasant for the Republicans during the nomination hearing process – and well thereafter.

    Plus, we have the simple message that the newstainers and professional whiners seemed to have missed – it’s not the job Ms Warren wanted 🙂

    Rarely do I agree with Ezra, but he truly has a clue in that bit of analysis you posted, Chipsticks.

    Yes.We.Can. … DO.More.Together!

  16. 49 Ladyhawke
    July 18, 2011 at 3:11 pm

    Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today after President Obama announced the nomination of Richard Cordray as the Director of the Consumer Financial Protection Bureau:

    “Richard Cordray has spent his career fighting for the middle class in Ohio and nationwide; as the Director of the Consumer Financial Protection Bureau, he will be a strong advocate for consumers, for Main Street, and for America’s middle class. I applaud President Obama’s nomination and echo his call for Richard Cordray’s swift confirmation.

    “The country will long owe a debt of gratitude to Elizabeth Warren – a thoughtful, committed leader who always put families first, who helped get the bureau started, and whose vision, passion, and energy drove its creation. Thanks to her work, our financial system is well on its way to working for – not against – America’s middle class.

    “Millions of Americans on Main Street lost their jobs, homes, life savings, and pensions because of the recklessness of some on Wall Street. Yet, nearly one year after Democrats passed and President Obama signed the Wall Street Reform and Consumer Protection Act into law, Republicans continue their relentless pursuit to undermine and weaken its vital reforms, siding with big banks over consumers and American families. At every turn, Republicans have tried to delay and defund the parts of the law that protect consumers the most. Democrats will not let them succeed; we need a strong cop on the beat to ensure that credit cards, mortgages, student loans, and other financial services are clear, transparent, and fair to all Americans.

    “With Richard Cordray at the helm of the Consumer Financial Protection Bureau, we will fight to ensure that this law achieves its goals: strengthening our economy, protecting consumers on Main Street, and bringing transparency, accountability, and commonsense reforms to the way Wall Street does business.”


  17. 50 halo
    July 18, 2011 at 3:14 pm

    You finally got ads, Chipsticks! I’m happy that you are now able to make some $ because of all the hard work you’ve put into this blog for us.

    • July 18, 2011 at 3:51 pm

      Yikes, where are the ads Halo??? I don’t have any on the site, is it something to do with the browser you’re using? Help!

      Update – Grrrrrrr! From WordPress: We sometimes display discreet advertisements on your blog—this keeps free features free! The ad code tries very hard not to intrude on your design or show ads to logged-in readers, which means only a very small percentage of your page views will actually contain ads.

      Okay, leave it with me, I’m getting rid of them NOW!

      Another update! Okay, sorted it out – if you still see them they should be gone very soon!

  18. 52 Anonymous
    July 18, 2011 at 5:03 pm

    edp4bho here……

    Why hasn’t anyone remarked on how fine our adorable President looks today? What are you all doing? You’re losing it……LOL!

    • 53 newcenturywoman
      July 18, 2011 at 6:30 pm

      edp4bho, it goes without saying that our adorable President looks fine today—he look F.I.N.E. every day. 😉 But if you insist: Looks like he’s gotten a hair cut recently which nicely accentuates his salt and pepper hair. Yes, he getting older, but he’s also getting sexier. Now, is that enough Obama “porn” talk for ya? 🙂 🙂 🙂

      • July 18, 2011 at 7:59 pm

        Ooops ! Excuse my typos: look=looks, he=he’s. I guess this Obama “porn talk” is affecting my thinking . . . I mean writing. Or maybe it’s because it’s hard to type when you can barely see the computer screen’s reply box. Darn it, WordPress! 🙂

  19. 55 Ladyhawke
    July 18, 2011 at 5:27 pm

    If you can find the time (about one hour), this lecture by Elizabeth Warren is excellent. It covers some of the CFPB goals and implementation.

    Elizabeth Warren: Fixing the Banks, Lifting the Middle Class

    Chicago Humanities Festival

    February 2011

  20. July 18, 2011 at 7:04 pm

    If some of the more thoughful Re(hensible)publicans don’t start realizing what their party is doing to this country pretty soon–I don’t know what it will take. Here is an agency set up to protect the regular folks from being screwed over by big banking–and the Republican leaders don’t want it. Give me a friggen break. Heard Kyle on Sunday say the fight over the debt ceiling isn’t political.

  21. 57 EDP4BHO
    July 18, 2011 at 7:17 pm

    Oh my, the salt and pepper hair, with brains to go. Mark of distinction…..yes, yes….LOL. I remember, before my dad passed on, once he let his hair gray naturally without dying it, the soft gray tones against his mocha skin was just lovely. That’s how President Obama looks nowadays. Yes, yours was just the right “porn” for today. Thank you….:-D

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