Tell Obama: Appoint Elizabeth Warren to Stop Another Great
by Richard Trumka,
June 9, 2011
The Consumer Financial Protection Bureau (CFPB) - which was
created as part of the landmark financial reform law
President Obama fought hard to pass - is scheduled to open
on July 21. The new agency is designed to protect consumers
from abusive lending practices by banks, credit card
companies, mortgage companies and others.
But 44 of Wall Street's friends in the Senate are flat-out
refusing to consider any nominee to lead the Consumer
Financial Protection Bureau - unless they're given the right
to defund it, which is just the first step in weakening the
bureau and ultimately repealing the entire Wall Street
reform law. According to The Hill:
Senate Republicans have vowed to hold up any nominee to lead
the CFPB and say the blockade will not end until changes are
made to curb the bureau's authority.
Rep. Barney Frank (D-Mass.) recently called this "the worst
abuse of the confirmation process I've ever seen." He added,
"What it clearly says is that the president will have to
make a recess appointment." We agree.
To begin its work to protect consumers, the CFPB must have a
strong director from Day One. And in our view, there is only
one candidate who is uniquely qualified and equipped to head
this new agency: Elizabeth Warren.
Urge President Obama to appoint Elizabeth Warren to lead the
Consumer Financial Protection Bureau when Congress goes on
By refusing to make any appointment to lead the CFPB, Senate
Republicans effectively have recused themselves from having
any input into whom President Obama appoints. It's a
dereliction of their constitutional duty to "advise and
consent" on the president's nominees.
Fortunately, President Obama can bypass these
obstructionists by making a recess appointment.
No matter who gets the recess appointment of President
Obama, Republicans have made it clear they'll scream and
holler. This reflects a sorry state in our politics - but
it's also a historic opportunity to recess appoint Elizabeth
Warren, who's already shown as acting director of the CFPB
that she's a true champion for working families.
Urge President Obama to recess appoint Elizabeth Warren -
who will truly stand up for consumers.
Working families need Elizabeth Warren to launch and lead
the bureau because she is uniquely qualified for the job.
She's proven herself to be a fearless advocate for the
American public. She originated the idea of the Consumer
Financial Protection Bureau. She's strong and brave, smart
and fearless (I've met her, and I'm very impressed).
But Warren's also fair - not one-sided. She does know how to
work alongside banks, despite how vilified she is by some
vocal Wall Street naysayers. As The Wall Street Journal
Oklahoma Bankers Association President Roger Beverage
thought Elizabeth Warren was the "Antichrist." But now he
wants President Barack Obama to use his recess appointment
powers to make her the first director of the new consumer
Elizabeth Warren is the right choice for working families -
let President Obama know we need her to get to work.
We should all be grateful for President Obama's hard work to
create the landmark Consumer Financial Protection Bureau. We
fought with him, pushing Congress hard to pass a strong law
with an independently funded agency that has the potential
to be a strong voice for working families.
Now, we need President Obama's help again to make sure the
agency he envisioned can begin its critical work.
Please let the president know we support the recess
appointment of Elizabeth Warren: a strong, pro-consumer
director who will get the agency up and running.
Thank you for fighting to have Elizabeth Warren lead the
CFPB. She's the candidate who is most likely to keep Wall
Street from gouging consumers and creating another Great
Richard L. Trumka
P.S. Congressional Republicans are only interested in
repealing Wall Street reform - and they'll even use personal
attacks to try to achieve their goal. Rep. Patrick McHenry
(R-NC) - whose top campaign contributors are Wall Street
banks - went so far as to accuse Elizabeth Warren of lying.
Let President Obama know working families will stand behind
him as he works to open a strong agency with a strong
director who will protect consumers from scams and another
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