The American Sustainable Business Council, representing more than 50,000 businesses across the country, sent this letter to the President to ask him to nominate Elizabeth Warren to lead the CFPB.

July 20, 2010

Dear President Obama,

We strongly urge you to appoint Dr. Elizabeth Warren as director of the new Consumer Financial Protection Bureau. As business owners and leaders, representing more than 50,000 businesses across the country, we recognize the urgent need for effective government oversight as vital for a successful, rules-based market system. The effective leadership of the new CFPB will be essential to restoring confidence in the economy and safe, adequate credit for consumers and the small businesses that create more than 65 percent of our nation’s new jobs.

We believe Elizabeth Warren would be the best choice as the first director of this new agency, whose creation she has championed tirelessly on behalf of the American public. Her superb leadership of the Congressional Oversight Panel for the T.A.R.P. program demonstrated her tremendous integrity, dedication and expertise. As a lawyer and Professor at the Harvard Law School, her work included the legal aspects of small business with specialties such as commercial law, contracts and bankruptcy. She is fair, intelligent and has the confidence of our business associations in her respect for business and the public interest.

Responsible businesses have a tremendous stake in the success of this new agency. Small business owners often rely on credit from a variety of sources, including use of personal credit cards and home equity loans, to start, run and expand their businesses.

The financial crisis dramatized the need for a dedicated, independent federal agency to promote financial product safety and establish clear, enforceable rules of the road. Business owners and consumers need full and fair disclosure of the costs and risks of financial products and services.

With the right leadership, the Consumer Financial Protection Bureau will expose unsafe products and services and encourage accountability and fair competition. It will help ensure we do not repeat the reckless practices we are paying dearly for today. It will play an important role in promoting a healthy, sustainable economy.

The agency, however, needs strong leadership from its first day.  We urge you to appoint Elizabeth Warren to this vital task.

Sincerely,

David Levine, Executive Director

On behalf of our member networks