Monday, July 18, 2011

Thank You! Elizabeth Warren and President Obama for the CFPB

photo from the CFPB website
Thank you, Elizabeth Warren for the Consumer Financial Protection Bureau.  It's a big name for a government agency with a simple function-make contracts understandable to ordinary people. Elizabeth Warren also gives credit to President Obama for backing her idea and implementing it.  I was very sad to hear that President Obama didn't appoint Ms. Warren to head the agency she fought so hard to create.  The administration is saying that there is no way the republicans would vote to confirm Ms. Warren.  However, a recent letter signed by 44 republicans senators to President Obama stated that they will not confirm any head of the CFPB unless their are major changes to the Dodd/Frank Financial bill.  So Richard Cordray (Obama's pick to head the agency) will not be confirmed anyway, and Obama missed a chance to rally his base.  There has been talk that Ms. Warren is interested in running for senate in Massachusets.  Poor Scott Brown.  There is also a petition drive to draft Ms. Warren to run for that senate seat.
 Sign the Petition to draft Elizabeth Warren to run for the Senate

 But back to Ms. Warren's dream agency come true the CFPB.  Ms. Warren in the last few years has been all over the television dial explaining to the public the mission of the CFPB.  She was on interview and news shows all across the country and of course she personally shaped the formation of the agency as a personal consultant to the president.  We have no idea of the behind the scenes fighting that took place between her and Wall Street's Fetch boy, Timothy Geithner.   So Thank You, Elizabeth for standing up for the average citizen in the US.  We greatly appreciate your successful efforts to fight for, lobby and construct the Consumer Financial Protection Bureau.  What a great deal for consumers. 
From the CFPB website:
The Consumer Financial Protection Bureau will make sure consumers have the information they need to choose the consumer financial products and services that are best for them.
If you’ve ever applied for a credit card, a student loan, or a mortgage, you may have felt like you were signing your name to pages of incomprehensible fine print—and weren’t quite sure what was in there. Fine print can hide fees and rate increases, allowing companies to advertise one low price when the real price is much higher. Fine print can also make it impossible to make a direct comparison between two different loans because differences that could cost a lot of money are difficult to see and understand.
The CFPB will work to ensure that financial companies make the true price clear to consumers so they can compare prices and features of consumer financial products and services and make the decisions that are best for them. Companies shouldn’t compete by figuring out how to fool you best. Transparency means that markets really work for consumers—and that means that companies will be rewarded for offering lower prices or better features.
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