July 22, 2010
Harkin, Eleven Senators Call for Strong Nominee to Head Consumer Financial Protection Bureau
Financial reform bill driven-effort needs a strong consumer advocate at the helm, senators write
WASHINGTON, D.C. – Senator Tom Harkin (D-IA) today led a group of senators in calling on President Barack Obama to nominate someone with a proven history of standing up to unfair and abusive practices in the financial industry, particularly in the area of consumer protection, like Elizabeth Warren, to head the new Consumer Financial Protection Bureau (CFPB). The Bureau was created under the new financial reform bill that was signed into law yesterday by the President.
“Establishing and empowering the CFPB immediately is among the most important challenges that you face in implementing this historic legislation,” wrote the lawmakers. “To help ensure the CFPB is able to stand up to the power of the financial industry, Congress endowed the CFPB with a single director to be nominated by the President with the advice and consent of the Senate. As you make your decision regarding the nominee for this position, we believe it is essential that you select someone with a proven history of standing up to unfair and abusive practices in the financial industry, particularly in the area of consumer protection.”
A copy of the signed letter can be found here.