July 14, 2011
The last debate back in May between Republican lawmakers and Elizabeth Warren grew so heated that at one point the special Treasury Dept. advisor working to set up the CFPB was accused of lying about availability in her schedule.
Tempers flared again today as Warren once again met with lawmakers during a hearing before the Oversight and Government Reform Committee. The Hill reports that Republicans were quick to criticize the new agency, which is scheduled to open in a week and as of this time still does not have a formal director in place.
The Hill reports Warren testified the agency was not aiming to prohibit particular products but wanted to retain the right to do so. She said her main focus, however, was relaying information to consumers on financial products in a straightforward manner.
“These are very large and powerful financial institutions who hire armies of lawyers to design financial products that can’t be read by average American families,” she said. “We need some pushback.”
Rep. Patrick McHenry (R-NC), who accused Warren of lying about her schedule during the first hearing, questioned her as to whether there was a particular financial product she would consider banning.
“I don’t know of one, sir,” she responded. “But if you have a particular suggestion, we’d be happy to take a look at it.”
She added that the CFPB will sue those who don’t comply with new consumer protection regulations. Click here to read more about the hearing, including Warren’s reaction when Chairman Darrell Issa (R-CA.) produced a page distributed under the Freedom of Information Act (FOIA) that was fully blacked out.
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