Might as well throw up a thread for the official announcement of Elizabeth Warren as an Assistant to the President and a Special Advisor to Treasury on CFPB:
Will throw some comments below when it starts.
…here’s an excerpt of the President’s upcoming remarks:
“Never again will folks be confused or misled by the pages of barely understandable fine print that you find in agreements for credit cards, mortgages, and student loans. The Consumer Financial Protection Bureau will also crack down on the abusive practices of unscrupulous mortgage lenders. It will reinforce the new credit card law we passed banning unfair rate hikes, and ensure that folks aren’t unwittingly caught by overdraft fees when they sign up for a checking account. It will give students who take out college loans clear information and make sure lenders don’t cheat the system. And it will ensure that every American receives a free credit score if they are denied a loan or insurance because of that score. Basically, the Consumer Financial Protection Bureau will be a watchdog for the American consumer, charged with enforcing the toughest financial protections in history.”
…and Obama starts this announcement by mentioning that the Census Bureau report yesterday showed that wages fell for middle class families by 5% from 2001-2009, for basically the first time ever.
…used it to pivot to extending “middle class tax relief” immediately. And then to predatory practices of financial operators to attack the middle class.
…Warren and Geithner are at this event, flanking the President.
…Obama: “I have known Elizabeth Warren since law school.” Did he take her class?
…I’ve asked Elizabeth to take on the CFPB… “Geithner and I agree that she’s the best person to take this on.” Will help oversee “all aspects of the agency’s creation,” with direct access to me and to Geithner. Will “play a pivotal role” in who will become the director of this agency.
…Companies spend millions on their own watchdog: lobbyists. Now consumers will have one.
…Someone yells “why not make Elizabeth Warren director!” at the end of the announcement, and someone else in the press yells “are you breaching Constitutional authority with this appointment?” Ah, the divide.
UPDATE: Rortybomb notes that Treasury is already leading a “mortgage disclosure forum” on Tuesday. They’re hitting the ground running.
UPDATE II: Transcript.