Another paper weighs in
August 12, 2010 | CFPB Nomination, Elizabeth Warren, Financial Reform Bill - CFPB, federal legislation | Comments (0)The Atlanta Journal Constitution:
The bureau is in its infancy — unstaffed, unfunded and without a captain — but there is already a deep divide about who can and will lead it. The director of the new bureau is nominated by the president and must be confirmed by the Senate. The front runner for the job is Elizabeth Warren: Harvard law professor, dedicated consumer rights advocate and watchdog over the bailout funds.
Warren’s potential nomination makes industry insiders squirm and even gives pause to some Democrats who worry that she may be difficult to confirm. Critics label her an extremist who seeks to control consumers’ financial decisions.
But Warren is right to battle the “tricks and traps” of hidden credit card fees and predatory lending practices. Are we so soon to forget the subprime mortgage crisis that burst the housing bubble? How many Americans today stay afloat on credit cards issued by institutions that bank on minimum payments and late fees?
To be fair, Warren’s critics are correct to point out that she is a political outsider who has no experience running a governmental agency. I would, however, direct these critics to Exhibit A: the Gulf Coast. FEMA and the formerly-known-as Minerals Management Service were both headed by political insiders, and we can see how well the FEMA response after Katrina and Minerals Management oversight worked in 2005 and 2010. Whether or not the ivory tower of academia is a proper steppingstone should be of little concern.
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