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We Want Elizabeth Warren On The Senate Banking Committee, No Excuses Taken

What delicious irony.

Just a couple of years ago, we were demanding that Elizabeth Warren be named the first director of the Consumer Financial Protection Bureau.

As a New York Times profile of the Harvard Law School professor explained, Warren had become the scourge of Wall Street bankers.

She believes “30 years of deregulation has rewarded the financial industry but led to abusive practices and collapses that have hurt ordinary Americans – the same taxpayers who are paying for bank bailouts.”

That’s why the financial industry wouldn’t abide any talk of her nomination, and Republican senators vowed to block her confirmation if President Obama insisted on choosing Warren.

That was a fight we wanted to pick. If anyone was ready to take on the bank-backed Republicans, it was Warren.

She had stood her ground against “too big to fail” banks and AIG as head of the Congressional Oversight Panel that implemented the bank bailouts of 2008.

She had pushed to get the Dodd-Frank Wall Street Reform and Consumer Protection Act, which included the new consumer protection bureau, signed into law over the objections of the banking industry.

Warren was ready and able for a nomination battle. But Obama wouldn’t do it.

We were incensed when he appointed her a special adviser overseeing the creation of the CFPB but not its first director. Obama refused to do right by Warren, our blog post said.

It seemed Wall Street and its bought-and-paid-for flunkies on Capitol Hill had bullied Obama into marginalizing Warren and barred her from the halls of power.

But our disappointment turned to optimism when Warren announced she was challenging Scott Brown (R-Mass.) for his seat in the Senate, and then abject glee when she won.

It’s like we walked downstairs on Christmas morning and were crushed not to find a bike under the tree. Then saw the Harley in the driveway.

As a senator, Warren will wield far more power than she ever would as the director of the CFPB.

You can bet that she’ll push for greater oversight of the nation’s financial industry and more transparency in the way our financial system operates.

I can only imagine the faces of those Republican senators who contemptuously blocked her nomination when she strides onto the Senate floor as their peer.

Now Warren is expected to seek the open Democratic seat on the Senate Banking Committee, and we’re demanding that she get it.

“I have no doubt in my mind that any changes on consumer financial regulation will have to go through Elizabeth Warren’s office,” Richard Hunt, president of the Consumer Bankers Association, told BusinessWeek after the election.

That sounds like a very good thing to us.

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  1. CitiSucks said:
    on November 12th at 03:13 pm

    well, when red states become blue, then you know republicans shouldn’t even bother running anymore. people are fed up with their corporatism and favoritism for their back scratchers. 332 vs 206 is a pretty huge loss for Mitt and all republicans in my book. nobody wants a CEO in public office, period. In my experience, CEO’s dont look after their people, ever! only their investors! (just like banks)

  2. otaku said:
    on November 13th at 06:54 pm

    Right now we have the best government money can buy…