For Immediate Release
Rumored Warren Role in New Consumer Financial Protection Bureau Is Welcome News
Statement of David Arkush, Director, Public Citizen’s Congress Watch Division
WASHINGTON - Reports that President Barack Obama will give Elizabeth Warren a
major role in establishing the new Consumer Financial Protection Bureau
are welcome news. Warren offers the promise of what financial consumers
need most – a tough advocate to clean up an industry that has made
unfairness and deception its core business model.
The details of the post are unclear, but early indications are positive.
Warren would serve as an assistant to the president and a special
advisor to Treasury Secretary Timothy Geithner. It is important that
Warren answer directly to the president and have his ear, not merely
work within the Treasury Department.
We are disappointed that the president has not nominated Warren to
direct the agency. It is understandable that some might view
confirmation as difficult at present, given Senate Republicans’
persistent and arbitrary obstruction of so many nominees. But Warren is
confirmable, and a fight over her confirmation is worth having. The big
banks and their supporters in the Senate would be foolish to oppose her
with the American public watching. Warren would emerge from the fight
not only confirmed, but even better known and therefore strengthened as a
national champion for consumers. We urge President Obama to nominate
Note: Public Citizen launched a petition drive urging Obama to
nominate Warren to run the new consumer financial protection agency.
Last month, we delivered more than 15,000 signatures to the White House.
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Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.