April 28, 2011
Special Treasury Department Adviser Elizabeth Warren, who is overseeing the Consumer Financial Protection Bureau ahead of its official opening in July, had some harsh words for House lawmakers looking to amend the current setup of the organization.
“They have introduced bills to delay, defund and defang this agency before it has a chance to help one consumer,” said Warren in an interview with the New York Post. “Nobody takes the consumer agency away from families without a fight — not on my watch.”
Two bills amending the structure of the CFPB will be put to a vote on May 4. House Financial Services Committee Rep. Spencer Bachus (R-AL) has proposed a bill that would put the CFPB under the control of a five-member panel as opposed to a sole director.
“Some Washington insiders said the bill, known as HR 1121, is a move to undermine Warren’s powers should she be officially tapped to lead the consumer organization,” reports The New York Post. “The other proposal, known as HR 1315, led by Rep. Sean Duffy (R-Wis.) would make it easier for a new oversight committee — the Financial Stability Oversight Council, which was established by sweeping Wall Street reform legislation — to overturn rules put in place by the new consumer bureau. “
Click here to read more of Warren’s comments about the CFPB bills up for consideration.
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