Sanders Urges Obama To Nominate Warren For CFPB

[kpete]

Dear Mr. President:


At a time when doubts about Wall Street and its practices are very deep, at a time when many Americans believe that we have not acted as aggressively and rapidly as we might have acted in limiting Wall Street recklessness and greed, it is in my belief imperative that we move to reassure American consumers that the federal government is looking after their interests.

A good first step has been the creation of the Consumer Financial Protection Bureau, which is part of the Wall Street Reform legislation you will sign this week. But the establishment of the Commission is not enough.

We need a strong Director, one who will help convince the many millions of Americans who currently do not trust government that we are serious in standing up to Wall Street and providing the consumer protection they need. This will not be a job for the faint-hearted.

I would strongly hope that you will appoint Elizabeth Warren to head up the Consumer Financial Protection Bureau. She, as you know, was the first to broach the idea of such a commission in an article published in Democracy: A Journal of Ideas in 2007. She has a strong - and very widespread - reputation for looking out for the American people and for American taxpayers. Incredibly, in just the last few weeks tens of thousands of Americans have signed an on-line petition requesting her appointment - a very unusual occurrence for a somewhat obscure job. They know, as I do, that Professor Warren has a proven track-record as a smart and tough consumer advocate. As head of the TARP Oversight Committee she is seen, across the breadth of America, as a champion of open, honest and responsive government. No one in our nation could do a better job as the first Director of the Consumer Financial Protection Bureau.

I have no doubt that some in the Senate will oppose her confirmation. Good! It will allow for a serious debate as to the role that government should play in protecting the American people against the outrageous behavior we have seen on Wall Street. In my view, those of us supporting Professor Warren, along with massive public support, will win that debate and the confirmation.
Sincerely,

Bernard Sanders
United States Senator
http://www.huffingtonpost.com/2010/07/19/elizabeth-warren-could-he_n_651759.html

[snot]

1. K&R'd. (& legs earned.)