Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsElizabeth Warren: Cordray Vote ‘A Historic Day For Working Families’
Elizabeth Warren: Cordray Vote A Historic Day For Working Families
Sen. Elizabeth Warren (D-MA) took to Twitter on Tuesday in praise of the Senate's vote to advance Richard Cordray's nomination to the Consumer Financial Protection Bureau, calling it a "historic day for working families."
http://livewire.talkingpointsmemo.com/entry/elizabeth-warren-cordray-vote-historic-day-for-working
Sen. Elizabeth Warren (D-MA) took to Twitter on Tuesday in praise of the Senate's vote to advance Richard Cordray's nomination to the Consumer Financial Protection Bureau, calling it a "historic day for working families."
Elizabeth Warren ✔ @elizabethforma
I couldn't be more pleased that Rich Cordray will finally get the vote that he deserves. This is a historic day for working families!
1:11 PM - 16 Jul 2013
47 Retweets 26 favorites
http://livewire.talkingpointsmemo.com/entry/elizabeth-warren-cordray-vote-historic-day-for-working
Remarks by Senator Elizabeth Warren on the Re-Nomination of Rich Cordray to be Director of the Consumer Financial Protection Bureau
Jul 15, 2013
As Prepared for Delivery
Thank you Mr. President. I rise today to speak about the Consumer Financial Protection Bureau and the re-nomination of Rich Cordray to serve as its director.
Several years ago, I began working on the idea for a consumer finance agency because our consumer credit system was badly broken. The laws were inconsistent and often arbitrary, and the basic rules changed for the same kind of productlike a mortgagedepending on what kind of company sold it. People got cheated, and, in 2008, reckless and dangerous mortgage lenders and Wall Street traders who made money off those mortgages nearly brought our entire economy to its knees.
In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The consumer protection part of that was the new consumer agency, the CFPB, which was designed as a watchdog to keep credit card issuers, mortgage lenders, and student loan marketers from cheating people.
There was a lot of negotiation over the structure of the new agency. Hearing after hearing, mark-up after mark-up, floor vote after floor vote. Now the same big bank lobbyists are fighting the same fight and using the same tired old talking points about the consumer agency that they were using years ago. You really have to wonder just how much money the big bank lobbyists have made fighting against this agency for five years now. But one more time, lets talk about the facts. Congress built in many features to subject the consumer agency to strong oversight. Let me share a few of the many examples:
The first is that Director Cordray has done an excellent job. He has won praise from consumer and industry groups, and from Republicans and Democrats, for his balanced rulemaking and measured approach. Small institutions like community banks and credit unions the ones that didnt cause the crisis think hes been fair and effective. And other institutions that want a fair marketplace -- and dont want to cheat they like Rich too.
And Mr. President, the agency is working. It has already forced credit card companies to refund nearly half a billion dollars that they tricked consumers out of, and the complaint center is giving tens of thousands of people a chance to fight back when they are cheated. The agency has helped out military families, seniors and students. Its helped a lot of people.
The agency has become the watchdog that so many of us fought for. And Rich has surpassed even the high expectations I had for him the day two years ago that I stood next to him in the Rose Garden as the President first announced his nomination to the CFPB.
There is a second major development since 2010. The need for certainty has intensified. It has been nearly five years since the crisis and three years since the passage of Dodd-Frank. The banks need to know for sure who is in charge and what rules apply. They need to know everyone will be playing by the same rules and what those rules will be.
For example, both lenders and consumer groups have praised the CFPBs new mortgage rules. Now it is time for everyone to know that these new rulesnot the unpopular default rule in Dodd-Frank that the new rules replaced--are the law. That helps everyone.
The American people deserve a government that will hammer out good rules, enforce those rules, then get out of the way so the markets can work. They do not deserve endless re-litigation of stale political disputes and the uncertainty caused by repeated filibusters of qualified and proven nominees.
I am new to the Senate, but I dont understand why this body accepts a system where this kind of political stalemate wont end in more government or less government but just in bad government government that lacks the consistency, clarity, and predictability that honest businesses and hard-working families need to plan for the future.
And I dont understand why we would let an honorable public servant like Rich Cordray get stuck in this nonsense. I dont understand why, when everyone says Rich is terrific, that we cant just vote on his appointment.
I know that some Republicans and lobbyists think that this filibuster on Richs appointment can shut down the work of the agency. They think it can shut down the agency and protect the big banks from any meaningful consumer protection rules.
Mr. President, they can use slogans all they want and talk about things like accountability. But outside the halls of this Congress and the fancy lobbyist offices across Washington, no one wants more fine print and more tricks and traps. No one thinks its ok to cheat regular people and cut special deals for giant banks. And no one wants to take the cops off the beat so big banks can break the rules without being held accountable.
So let me be clear to those who think this filibuster will shut down the work of the new agency, let me be crystal clear. The Consumer Financial Protection Bureau is the law and it is here to stay. Do your dirtiest with obstructing the confirmation of the Director, but the agency will keep on doing what it does best: fighting for people.
We fought to get the consumer agency. We fought big banks and their lobbying army. We fought hard, and we won. Now we have a strong and independent watchdog to stop the banks from cheating families. Were not giving up now.
Thank you.
http://www.warren.senate.gov/?p=press_release&id=180
Jul 15, 2013
As Prepared for Delivery
Thank you Mr. President. I rise today to speak about the Consumer Financial Protection Bureau and the re-nomination of Rich Cordray to serve as its director.
Several years ago, I began working on the idea for a consumer finance agency because our consumer credit system was badly broken. The laws were inconsistent and often arbitrary, and the basic rules changed for the same kind of productlike a mortgagedepending on what kind of company sold it. People got cheated, and, in 2008, reckless and dangerous mortgage lenders and Wall Street traders who made money off those mortgages nearly brought our entire economy to its knees.
In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The consumer protection part of that was the new consumer agency, the CFPB, which was designed as a watchdog to keep credit card issuers, mortgage lenders, and student loan marketers from cheating people.
There was a lot of negotiation over the structure of the new agency. Hearing after hearing, mark-up after mark-up, floor vote after floor vote. Now the same big bank lobbyists are fighting the same fight and using the same tired old talking points about the consumer agency that they were using years ago. You really have to wonder just how much money the big bank lobbyists have made fighting against this agency for five years now. But one more time, lets talk about the facts. Congress built in many features to subject the consumer agency to strong oversight. Let me share a few of the many examples:
- The CFPB is the only agency in government that is subject to a veto from other agencies over its rulesthe only one anywhere.
- The CFPB is the only banking regulator that is subject to a statutory cap on its fundingthe only one.
- The CFPB Director is legally obligated to produce regular reports to Congress, to testify regularly to Congress, and to comply with audits. Mr. President, the CFPB has now testified more than 30 times before Congress30 times.
- In addition, the CFPB is subject to all the regular constraints in our system of government that constrain every agency the Administrative Procedures Act, judicial review, and so on.
- And, of course, theres the ultimate oversight: Congress can overrule any CFPB regulation.
The first is that Director Cordray has done an excellent job. He has won praise from consumer and industry groups, and from Republicans and Democrats, for his balanced rulemaking and measured approach. Small institutions like community banks and credit unions the ones that didnt cause the crisis think hes been fair and effective. And other institutions that want a fair marketplace -- and dont want to cheat they like Rich too.
And Mr. President, the agency is working. It has already forced credit card companies to refund nearly half a billion dollars that they tricked consumers out of, and the complaint center is giving tens of thousands of people a chance to fight back when they are cheated. The agency has helped out military families, seniors and students. Its helped a lot of people.
The agency has become the watchdog that so many of us fought for. And Rich has surpassed even the high expectations I had for him the day two years ago that I stood next to him in the Rose Garden as the President first announced his nomination to the CFPB.
There is a second major development since 2010. The need for certainty has intensified. It has been nearly five years since the crisis and three years since the passage of Dodd-Frank. The banks need to know for sure who is in charge and what rules apply. They need to know everyone will be playing by the same rules and what those rules will be.
For example, both lenders and consumer groups have praised the CFPBs new mortgage rules. Now it is time for everyone to know that these new rulesnot the unpopular default rule in Dodd-Frank that the new rules replaced--are the law. That helps everyone.
The American people deserve a government that will hammer out good rules, enforce those rules, then get out of the way so the markets can work. They do not deserve endless re-litigation of stale political disputes and the uncertainty caused by repeated filibusters of qualified and proven nominees.
I am new to the Senate, but I dont understand why this body accepts a system where this kind of political stalemate wont end in more government or less government but just in bad government government that lacks the consistency, clarity, and predictability that honest businesses and hard-working families need to plan for the future.
And I dont understand why we would let an honorable public servant like Rich Cordray get stuck in this nonsense. I dont understand why, when everyone says Rich is terrific, that we cant just vote on his appointment.
I know that some Republicans and lobbyists think that this filibuster on Richs appointment can shut down the work of the agency. They think it can shut down the agency and protect the big banks from any meaningful consumer protection rules.
Mr. President, they can use slogans all they want and talk about things like accountability. But outside the halls of this Congress and the fancy lobbyist offices across Washington, no one wants more fine print and more tricks and traps. No one thinks its ok to cheat regular people and cut special deals for giant banks. And no one wants to take the cops off the beat so big banks can break the rules without being held accountable.
So let me be clear to those who think this filibuster will shut down the work of the new agency, let me be crystal clear. The Consumer Financial Protection Bureau is the law and it is here to stay. Do your dirtiest with obstructing the confirmation of the Director, but the agency will keep on doing what it does best: fighting for people.
We fought to get the consumer agency. We fought big banks and their lobbying army. We fought hard, and we won. Now we have a strong and independent watchdog to stop the banks from cheating families. Were not giving up now.
Thank you.
http://www.warren.senate.gov/?p=press_release&id=180
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
2 replies, 695 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (2)
ReplyReply to this post
2 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Elizabeth Warren: Cordray Vote ‘A Historic Day For Working Families’ (Original Post)
ProSense
Jul 2013
OP
ProSense
(116,464 posts)1. Kick for
the CFPB and Richard Cordray and thanks, Senator Warren.
Good news all around.
'Nuclear option' averted in Senate after Republicans blink
http://maddowblog.msnbc.com/_news/2013/07/16/19504774-nuclear-option-averted-in-senate-after-republicans-blink
Republicans Cave: Seven Top Government Jobs Will Be Filled
http://thinkprogress.org/justice/2013/07/16/2307731/republicans-cave-seven-top-government-jobs-will-be-filled/
abelenkpe
(9,933 posts)2. K&R nt