After weeks of speculation, President Obama is set to officially name Elizabeth Warren as a special advisor overseeing the new Bureau of Consumer Financial Protection that she herself envisioned.
“Elizabeth Warren is the best advocate for consumers,” said NOW President Terry O’Neill. “This agency is designed to stop unfair and deceptive financial practices — a breath of fresh air for women, especially single mothers who were targeted for abusive loans in the past. The good ole boys on Wall Street have done all they could to hang a ‘no girls allowed’ sign on the door of this new agency, but Warren is the right person for the job because she isn’t afraid to stand up to the banks and tell them what needs to change.”
The new consumer agency was established by the financial overhaul law and will have autonomy to write and enforce rules governing mortgage and credit card lending, educate consumers on financial products, and collect and monitor consumer complaints. Warren, a Harvard professor and bankruptcy expert, instigated the creation of the consumer agency.
“It is only a shame that Warren is being named ‘special adviser’ because President Obama fears the Republicans will block her confirmation in the Senate,” said O’Neill. “Even Democratic Senator and Banking Committee Chair Chris Dodd, who is leaving the Senate this year, has made public statements that all but invite Republicans to block her nomination. How sad that he would sully his otherwise strong pro-women legacy in that way — and even sadder that the U.S. Senate would stand in the way of a fearless advocate who is the most qualified person for the job.”
NOW looks forward to the positive change that Warren will effect in this critical role and the impact she will have on the financial security of millions of women and their families.