|The Colbert Report||Mon – Thurs 11:30pm / 10:30c|
|Consumer Protection Agency – Barney Frank|
Don’t miss Stephen Colbert’s hilarious rant against the recently passed financial reform bill and the possible appointment of Elizabeth Warren to run the new Bureau of Consumer Financial Protection.
While Colbert conceded that Warren is a “damn fine looking regulator,” he thinks she’s “clearly prejudiced against lenders.”
When he brings on Rep. Barney Frank to defend “coddling consumers,” the co-author of the bill backs Warren, calling her “an extraordinarily zealous pragmatist.”
Colbert reminds Frank that the bill’s other co-author, Sen. Chris Dodd says “she may not be confirmable,” which causes the Massachusetts congressman to shoot back that anyone who could easily be confirmed in the Senate “may not be an argument in favor of you.”
Which is exactly right.
As you know, we think Warren should be nominated to head the consumer protection bureau.
If Obama nominates an administrator who sails through the Senate, then he’s almost certainly chosen an industry lackey who poses no threat to the big banks.
The titans of finance will unleash their lobbyists on any nominee with the balls to stand up to them on behalf of consumers – which is why they’re working overtime to block Warren’s nomination.
Oh, and Colbert’s reading of the mandatory arbitration provision in his credit card contract is priceless.