Friday, September 17, 2010

Finally, Something So Right

President Obama just appointed populist hero Elizabeth Warren to establish and lead the Consumer Financial Protection Bureau!!

This is the boldest step Obama's taken so far to rein in the big Wall Street banks. And it's a major victory for grassroots progressives who rallied for Warren.

The banks fought to keep her out of this job—and now that she has it, they'll do whatever they can to keep her from exercising her full authority. That's why we need to get the word out—to make sure she has the grassroots support she needs to aggressively police Wall Street.

Top Five Things You Should Know About Elizabeth Warren

1. The Consumer Financial Protection Bureau was her idea. Here's why she thinks this agency is so critical: "It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house. But it is possible to refinance your home with a mortgage that has the same one-in-five chance of putting your family out on the street."1

2. The Republicans are so scared of her, they tried to pass a law blocking her from leading the agency. Republicans in Congress and the big Wall Street banks have always been against Warren leading the new consumer agency. Republicans even offered an amendment that was widely understood as designed to block Warren. That amendment failed.2

3. She is one of the most prominent, successful and fierce female lawyers in America. Coming from working-class roots, she graduated from high school as a debate star at 16. She finished law school when she was nine months pregnant. And she has repeatedly been named one of the 50 most influential female lawyers by the National Law Journal and was twice nominated as one of Time magazine's 100 Most Influential People (among other honors).3

4. She spoke truth to power about the failed foreclosure program. The Home Affordability Modification Program was supposed to save homeowners from losing their homes but has left many deeper in debt than they were before. Warren used her position on the Congressional Oversight Panel to bring the voices of these disaffected homeowners right to the decision makers in the administration and demand accountability. 4

5. She may have actual superpowers. She once calmed a crowd at an NBA game with her encyclopedic basketball knowledge. She explained the financial meltdown so clearly to Jon Stewart that he said it made him "want to make out with" her. And there's a viral cowboy rap video about her.5



Here is Elizabeth Warren's reaction to the news, with more information on her new role:
http://www.moveon.org/r?r=90375&id=23486-630415-1N8frLx&t=4

Sources:

1. "Making Credit Safer: The Case for Regulation," Harvard Magazine, June 2008
http://harvardmagazine.com/2008/05/making-credit-safer-html

2. "GOP Tried To Block Elizabeth Warren From Heading Agency She Proposed," Huffington Post, October 27, 2009
http://www.moveon.org/r?r=90368&id=23486-630415-1N8frLx&t=5

3. "Elizabeth Warren," Wikipedia
http://en.wikipedia.org/wiki/Elizabeth_Warren

4. "Elizabeth Warren is Bostonian of the Year," The Boston Globe, December 20, 2009
http://www.moveon.org/r?r=90369&id=23486-630415-1N8frLx&t=6

5. "How HAMP Makes Elizabeth Warren The Only Choice For Consumer Protection," The New Deal 2.0, July 22, 2010
http://www.moveon.org/r?r=90370&id=23486-630415-1N8frLx&t=7

"Got a New Sheriff," Main Street Brigade
http://www.youtube.com/watch?v=6W0vCgMRX0o

"Elizabeth Warren is Bostonian of the Year," The Boston Globe, December 20, 2009
http://www.moveon.org/r?r=90369&id=23486-630415-1N8frLx&t=8

"Jon Stewart to Elizabeth Warren: Let's Make Out," Talking Points Memo, January 27, 2010
http://www.moveon.org/r?r=90371&id=23486-630415-1N8frLx&t=9

A tip of the Mirsky hat to Moveon.org for the above.

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