Posts Tagged Consumer Financial Protection Bureau
Elizabeth Warren Building Her Base
Posted by NewGuru in 2012 Elections on December 1, 2011
Consumer and middle-class advocate Elizabeth Warren and incumbent Republican Scott Brown will square off for Senator Edward Kennedy’s senate seat in Washington. This race shapes up to be one of the most expensive battles on next year’s docket.
In the 2010 race to fill Kennedy’s seat, Democrats were stunned with Brown’s victory over Massachusetts Attorney General Martha Coakley. Brown played the role of the easy-going friend next door to the hilt. Coupling this role with strong support from the Tea Party, Brown breezed by Coakley whose campaign was lackluster at best. The 2012 race will be high-profile and will reflect the deep divide between Republicans and Democrats.
Brown and Grover Norquist
Brown was sworn to office in February 2010. Appreciative of the support of the Tea Party, Brown wasted no time signing the Norquist pledge. During his tenure, the Senator crossed the Norquist line by supporting the existing ethanol policy, a $6 billion subsidy.
Brown drew the ire of Norquist’s American Tax Reform for going against the grain of the Taxpayer Protection Pledge. The Tea Party has toned down the pro-Brown rhetoric.
Since taking office, Brown has not been Tea Party compliant. He appears to have one eye on the Tea Party and another eye on his re-election. For the most part, Brown has complied with most Tea Party initiatives to impose deep spending cuts to programs upon which the fate of the middle class, the poor and the unemployed rests.
Warren And The Consumer Financial Protection Bureau
Elizabeth Warren gained acclaim for her work to develop President Obama’s Consumer Financial Protection Bureau. As a passionate advocate for consumer protection, Warren went against the grain. She was infuriated with the reckless and self-serving credit standards used by too-large-to-fail financial institutions. Her every move was resisted by Republicans.
Unabashed, Warren persevered. The Harvard professor and graduate of Rutgers Law School staked her claim by creating an effective platform to rewrite uniform lending policies that were transparent and accompanied by full disclosure. The new Truth in Lending Act has Warren’s footprint imbedded in credit and mortgage lenders.
Warren’s policies have reshaped the relationship between lenders and borrowers
The creation of the Consumer Financial Protection Bureau cast Warren favorably in her role based on her personal commitment to protect consumers. Regarding Warren as controversial, President Obama did not hire Warren to head the Consumer Protection Bureau. The Democratic National Committee immediately pursued Warren.
Her tight grip on consumer’s rights became a source of agitation for the large banks and credit card providers whose credit policies resulted in millions of foreclosures, millions of short sales, billions of dollars of credit card overcharges. These lax, unregulated practices nearly collapsed the global markets. Warren was charged with building a regulatory agency that could prevent a recurrence.
Elizabeth Warren has been the target of derisive rhetoric from the right-wing establishment and big financials. In a city where government is mired in gridlock, Warren has been one of the few consistent voices.
In what is sure to be one of the country’s most high-profile races, Warren will continue her tenacious pursuit of serving the people. In Massachusetts, Brown’s endorsement of the Norquist pledge caught much of the Commonwealth constituency by surprise. There will be no surprises with Elizabeth Warren who has been successful in overcoming political roadblocks. She is one of the few people who has succeeded with her assignment.
A Big Money Race
Warren was successful with her September fundraising. She received more than $3 million to launch her run. In the same time frame, Brown raised $1.5 million raising the incumbent’s war chest to $10 million.
This election is important for a number of reasons. Democrats cannot afford any more losses in the Senate. They hope to increase their majority to 60 votes. Meanwhile, Republicans want to gain the advantage so they control both the House and the Senate. Every Democratic victory is a step in unraveling the gridlock caused by insider Republican politics and back room deals that usurp the people’s wishes.
Since deciding to run, Warren has taken a very personal and hands-on approach to her candidacy. She is attending town hall meetings and taken her message on an unusual door-to-door introduction. Considering her passion for defending not only her constituents but also voters across the nation, this should not be surprising.
The acclaimed professor takes this opportunity and responsibility personally. Coakley lacked enthusiasm for the fight against Brown. Warren brings first-hand experience and unlimited passion to the 2012 race. She is a credible source about the workings of Washington and Brown.
More importantly, this race characterizes the rift between the Republican elitist establishment and Warren’s fight for the people. There is a deep chasm between the principals and policies these two candidates support.
Warren advocates policies that will help the 46 million Americans living in poverty, the 21 million children living in poverty and the 51 million Americans trending toward the poverty level. Brown is not on solid ground if the race boils down to addressing these issues.
Warren’s “can do” mindset will pit her squarely against Brown and the Republican quagmire. If elected, she will ruffle feathers. Warren is not intimidated by Washington. She is well-known by incumbent senators and house members. As for ruffling feathers, that is nothing new to Elizabeth Warren.
With Elizabeth Warren, residents of the Commonwealth will be represented the way they should have been represented since Brown tried to fill Ted Kennedy’s seat. Her constituents can look forward to her vigorous, a-political representation.

Recent Comments