Elizabeth Warren’s talking points
April 29, 2010 | federal legislation, industry | Comments (0)She fed them to the anti-business house organ, Shahien Nasiripour, at the Huffington Post. Although, it feels almost gratuitous to call a reporter at the Huffington Post “anti-business.” You wouldn’t get hired if you believed in capitalism.
More spin on the CFPA
December 20, 2009 | federal legislation, industry | Comments (0)From Elizabeth Warren in her latest Huffington Post piece:
There are a number of causes of the rising insecurity of the middle class, but one of the biggest problems right now is that the largely unregulated consumer credit industry has preyed on customers by burying tricks and traps in the fine print and concealing true costs. This is why I believe it is so important for Congress to act on the President’s proposal to create a new Consumer Financial Protection Agency. We need to make the market competitive again and to get rid of the tricks and traps. This will empower families to make good choices and will increase their economic security.
Payday loans have no tricks or traps.
Newsweek chats w/ Elizabeth Warren
December 15, 2009 | federal legislation, industry | Comments (0)From the interview:
You’ve popularized the idea of creating an agency to protect borrowers from abuses like subprime lending. What do you think of Congress’s efforts to make it law?
The consumer-agency proposal that’s been voted out of committee in the House is strong. It’s got a couple of dings that I hope get corrected later, but the proposed agency has the power to reform a broken market. Sen. [Christopher] Dodd’s first discussion draft is even stronger than the House version, which is a very good sign. But to get a prediction on what happens next, you need someone who understands Washington politics better than I do. It seems obvious to me what Congress should do, but I’m not the one in charge.
The “Butterfly effect” isn’t always good
December 12, 2009 | federal legislation, industry | Comments (0)Elizabeth Warren, chair of the Congressional Oversight Panel created to monitor the bank bailouts under TARP, and a Huffington Post blogger, has been nominated for a 2010 MSN Butterfly Award.
According to MSN, the award goes to the person who “best exemplifies “the Butterfly effect” making a positive contribution that has an impact beyond their actions.” Anyone can cast a vote or nominate a candidate online.
MSN will donate $10,000 to the charity of the winner’s choice. Warren has chosen The National Consumer Law Center as her charity. Click here to see who else has been nominated and to cast your vote.
Anyone can vote, so click on the link in the last sentence and choose someone who doesn’t hate non-bank financial services.
“Ivory tower elitist” or “economic David”?
November 3, 2009 | federal legislation, industry | Comments (0)We know where we stand on Elizabeth Warren. From the Boston Globe profile:
Her critique of the lending practices of big banks and mortgage companies is drawing plenty of attention, airing on everything from CNN to “The Daily Show” and Dr. Phil, even winning a cameo in Michael Moore’s latest movie, “Capitalism: A Love Story.”
And she is chief architect of a new government agency to protect consumers from predatory lenders, a central element of President Obama’s efforts to avoid another economic meltdown. That makes her a big target.
“I have dubbed it the ‘Restrict the American Dream and Job Destruction Act,’ ” Representative Tom Price of Georgia, chairman of the Republican Study Committee, a group of 110 GOP House members, said in an interview about Warren’s proposed Consumer Financial Protection Agency. “I have no doubt that as a Northeast elite academic it is difficult for Ms. Warren to appreciate that, but that’s exactly what it will do.”
Another critic, George Mason University law professor Todd Zywicki, said, “Bluntly put, she hates banks.”
Consumer Reports Q & A with Elizabeth Warren on the CFPA
August 21, 2009 | regulation | Comments (1)The Harvard Professor on why she thinks the creation of a Consumer Financial Protection Agency is a good idea. We agree with her on a few key points: consumer education and the need for transparency in financial products.
