The Consumer Financial Protection Agency: Worth Fighting For

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Elizabeth Warren, the financial reform "watchdog" on Capital Hill, Harvard Law professor and TARP chairman, speaks my language.  I love her tough stance on what she'd like to see from the newly created Consumer Federal Protection Agency.  The CFPA needs to be a tough independent agency whose sole task is protecting consumers -and she along with a legion of consumers and advocates say make it wicked strong -or don't make one at all.

In an interview with the Huffington Post, Warren was quoted as saying that she would prefer that no agency exist than to have one without any power. 

"My first choice is a strong consumer agency," Warren said.  "My second choice is no agency at all and plenty of blood and teeth left on the floor...My 99th choice is some mouthful of mush that doesn't get the job done."
She agrees with Banking Committee Chairman Christopher Dodd (D-Conn.), one of the author's of the original bill, that the fours key points he feels are drop-dead necessary are indeed essential.  He wants:

•    a presidentially-appointed director
•    the appointee confirmed by the Senate
•    a separate funding source
•    the agency to have rule-making and enforcement authority.

"Those are the basic elements of an independent agency," Warren said. "It's not as if there's some fifth thing that was left off that list--that is the list."

I am one of many in a long line of consumers and advocates who find Elizabeth Warren and her folksy straight-forward way of saying it like it is both refreshing and invaluable. Her genuine passion combined with her unrelenting fiery spirit makes her a true consumer champion. We wish our legislators would not only listen to her wise and well educated insight and then follow her lead. She was one of the first to warn the country of the impending financial crisis, and all through this mess she has been a voice of reason that makes it clear that it is time to hold the big banks accountable, put in place wicked tough new rules to make sure they can't continue the irresponsible and excessively risky actions that caused the financial crisis in the first place!  

Join Elizabeth Warren, and your national advocates --in supporting a new, independent  CFPA. 
If you'd like to take action right now to help push for effective financial reform, here's what you can do:

Write to your Senators and ask them to strengthen the financial reform bill in the Senate

Sign the petition on

Write a letter to your local newspaper and share your stories and reasons you believe it's time to have an agency whose sole purpose is to protect consumers!

Talk to your friends and family about financial reform and urge them to get involved.

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1 Comment

Great article. I agree that Elizabeth Warren is refreshing. Consumers are lucky to have in this position. Hopefully she has the resources and support to actually make change.

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