The ‘Warren Report’—GOP Attacks Consumer Agency

Katherine Reynolds Lews (The Fiscal Times)

May 19, 2011

“Even before it formally opens its doors this summer, the new federal agency created to protect consumers from unscrupulous financial industry practices is coming under withering attack by Wall Street and Republican lawmakers. And despite a months-long charm offensive by Elizabeth Warren, the former Harvard professor and chief architect of the new agency, Warren has been unable to win over many of her critics on Wall Street and within the GOP….The Senate GOP pledge ‘creates a climate that is ugly. That is an in-your-face kind of attack that I haven’t seen in 20 years in Washington,’ said Ed Mierzwinski, director of the consumer program at the advocacy organization U.S. PIRG. ‘Elizabeth Warren wants to come in and make that marketplace fair. Wall Street would prefer to decide on their own how to make money.’…’The administration fought very hard for a strong and independent consumer bureau and the public is enormously supportive of it. There’s an effort here to weaken the agency by whatever means necessary,’ said Lisa Donner, executive director of Americans for Financial Reform, a coalition of labor, consumer and small business groups. ‘I don’t think it will succeed. … The bureau is well positioned to take up its job.’” Click here for more.