For Immediate Release
Mai Shiozaki, 202-628-8669, ext. 116; cell 202-641-1906
NOW Applauds Appointment of Elizabeth Warren as Special Advisor for Consumer Financial Protection Bureau
WASHINGTON - After weeks of speculation, President Obama is set to officially name
Elizabeth Warren as a special advisor overseeing the new Bureau of
Consumer Financial Protection that she herself envisioned.
"Elizabeth Warren is the best
advocate for consumers," said NOW President Terry O'Neill. "This agency
is designed to stop unfair and deceptive financial practices -- a
breath of fresh air for women, especially single mothers who were
targeted for abusive loans in the past. The good ole boys on Wall
Street have done all they could to hang a 'no girls allowed' sign on the
door of this new agency, but Warren is the right person for the job
because she isn't afraid to stand up to the banks and tell them what
needs to change."
The new consumer agency was
established by the financial overhaul law and will have autonomy to
write and enforce rules governing mortgage and credit card lending,
educate consumers on financial products, and collect and monitor
consumer complaints. Warren, a Harvard professor and bankruptcy expert,
instigated the creation of the consumer agency.
"It is only a shame that Warren is
being named 'special advisor' because President Obama fears the
Republicans will block her confirmation in the Senate," said O'Neill.
"Even Democratic Senator and Banking Committee Chair Chris Dodd, who is
leaving the Senate this year, has made public statements that all but
invite Republicans to block her nomination. How sad that he would sully
his otherwise strong pro-woman legacy in that way -- and even sadder
that the U.S. Senate would stand in the way of a fearless advocate who
is the most qualified person for the job."
NOW looks forward to the positive
change that Warren will effect in this critical role and the impact she
will have on the financial security of millions of women and their
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The National Organization for Women (NOW) is the largest organization of feminist activists in the United States. NOW has 500,000 contributing members and 550 chapters in all 50 states and the District of Columbia.