July, 16 2010, 04:20pm EDT
For Immediate Release
Contact:
Caitlin MacNeal,COMMUNICATIONS MANAGER,(202) 347-1122,cmacneal@pogo.org
Secretary Geithner Sends Wrong Message on Oversight by Opposing Elizabeth Warren
WASHINGTON
The Project On Government Oversight (POGO) is troubled by reports
that Treasury Secretary Timothy Geithner is opposing the nomination of
Elizabeth Warren to head the newly created Consumer Financial Protection
Bureau.
Although Treasury officials have since stated that Professor Warren is "exceptionally
well-qualified" to head the Bureau, an earlier report by The Huffington Post cited her "persistent
oversight" as Chair of the Congressional Oversight Panel as a major
reason for Secretary Geithner's opposition.
"If Secretary Geithner is serious about protecting consumers, he
should be calling for a tough and relentless watchdog to head up the
Bureau," said POGO Executive Director Danielle Brian. "Opposing
Elizabeth Warren for her persistent oversight undermines the spirit of
Congress's reforms, and sends the wrong message to the millions of
consumers who are still reeling from the financial crisis."
Professor Warren has been a tireless advocate on behalf of American consumers,
and is one of the nation's top experts on consumer financial products.
As Chair of the Congressional
Oversight Panel, she has also been a highly effective watchdog of
the Treasury Department's bailout programs, questioning the government's bailout of AIG and holding the administration accountable for failing to
assist homeowners facing foreclosure.
Secretary Geithner has made previous statements in support of a strong consumer
protection watchdog, promising that it will have an "independent
seat at the table in our financial regulatory system." Appointing
someone with the right experience and qualifications to head the Bureau
is the only way to ensure that it operates with enough independence to
protect consumers from risky financial products.
The Project On Government Oversight (POGO) is an independent nonprofit that investigates and exposes corruption and other misconduct in order to achieve a more effective, accountable, open and honest federal government.
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