Elizabeth Warren & the CFPB

This weekend, the New York Times published an editorial supporting Elizabeth Warren to run the newly-created Bureau of Consumer Financial Protection. This is a big step forward and sign that conventional wisdom is aligning behind much of the progressive online community to support Professor Warren. The Times makes very clear that Warren is simply the best for the job…and for good reason: the banks know she will be an effective protector of consumer interests. “The banks don’t oppose Ms. Warren because she doesn’t get it. They oppose her because she does.”

I would love to see Professor Warren nominated. I started reading her posts at TPM Cafe’s Warren Reports back shortly after the site launched. She provided advice to the Dodd campaign when we were building out a bankruptcy reform plan. And she has been a tireless advocate for the middle class. She is a real leader who can effectively explain complex financial machinations and use understanding and transparency against a financial system that is built to obfuscate real costs to working people.

As of now, I really don’t know how likely it is that the Obama administration will nominate Warren to run the CFPB. It’d be great if they did, as it would be a sign that they are truly committed to making this new agency as powerful and impactful as possible. Certainly there are others who could do the job, but Warren’s leadership on this issue deserves to be recognized not just by activists who share her views, but by those who can lend power to her views.

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