No. No. No.
President Barack Obama is appointing consumer advocate Elizabeth Warren to be special adviser overseeing the creation of a new consumer protection bureau, but he’s not appointing her to be the bureau’s first director.
Because he’s worried the Senate might not confirm the 61-year-old Harvard law professor who has been a smart and relentless critic of how the banking industry treats its customers.
Making her a special adviser doesn’t require Senate approval and I’m sure the White House sees this as a clever way to avoid a contentious hearing and nomination battle.
But as I said in my last post on this topic, We’re Not After An Easy Confirmation.
Warren’s only sin is to speak truth to power.
And the powers on Wall Street don’t like it.
A straight-forward nomination would have allowed us to see which senators are truly bought and paid for by the banking, investment and insurance industries in this country.
Do not believe industry propaganda that claims Warren is too biased against the banks to be an effective regulator.
What it really objects to is that Warren is too knowledgeable about how the financial industry takes advantage of consumers and isn’t afraid to stand up to its money and bullying.
Not appointing her to be director is just another example of the the timid leadership that has marked the Obama administration on issues like this.
The president is caving in to Wall Street yet again.
The president never demanded that the banking industry show its customers the same fairness and consideration he showed the banks in providing a billion-dollar bailout that saved them from their reckless and irresponsible lending.
Now he apparently isn’t willing to fight for a woman who has been one of the few consumer advocates willing to stand up to the financial industry.
If you doubt the need for a consumer agency that can speak on our behalf, take a look at this story in this morning’s Washington Post.
It’s a shameful tale of how Mike and Kathy Wales, two Air Force vets with a dying child and mounting medical bills are being thrown out of their home by Chase Bank, which denied their application to modify their mortgage.
A Chase loan officer actually spelled it out for them: “D-E-N-I-E-D.”
I want Elizabeth Warren running the new consumer protection bureau because the financial industry is powerful, and too rich, for individual consumers such as the Wales to fight and win.
I want her dealing with issues like this. I want her standing up for us. And so should you.