On Politico, this morning, I read the following:
MAKING IT OFFICIAL: President Obama will stand next to Elizabeth Warren in the Rose Garden on Friday as he names her the assistant to the president and special adviser to the Treasury secretary on the Consumer Financial Protection Bureau. “Warren will also advise the President on policies and programs that are designed to protect the financial interests of middle class families,” a White House official said in an e-mail to reporters.
According to the official, Obama plans to say: “Never again will folks be confused or misled by the pages of barely understandable fine print that you find in agreements for credit cards, mortgages, and student loans. The Consumer Financial Protection Bureau will also crack down on the abusive practices of unscrupulous mortgage lenders. It will reinforce the new credit card law we passed banning unfair rate hikes, and ensure that folks aren’t unwittingly caught by overdraft fees when they sign up for a checking account. It will give students who take out college loans clear information and make sure lenders don’t cheat the system. And it will ensure that every American receives a free credit score if they are denied a loan or insurance because of that score. Basically, the Consumer Financial Protection Bureau will be a watchdog for the American consumer, charged with enforcing the toughest financial protections in history.”
Very glad he’s done it … but why has this taken so long?
Here’s more helpful information from TNR – which I interpret to mean that this was a creative solution to the problem of the lengthy (read paralyzing) confirmation process.
And from the Washington Post, an August article with some nice background on Warren … or Betsy Herring, as she was back in the day.
Warren’s parents had lost most of their savings when a business partner in a car dealership ran off with the money. Afterward, her father worked a series of jobs around Oklahoma City, including as a carpet salesman at Montgomery Ward and later as a maintenance man at an apartment complex. At one point, her mother took a job in the catalogue order department at Sears.
Around the dinner table, the conversation revolved less around politics and more around carburetors.
The Herrings’ only daughter was no shrinking violet. “She was tougher than a snake, partner,” said her brother David Herring. “She’d argue with anybody.”
The family eventually moved from Norman to Oklahoma City, where Warren became a local phenom, as driven as she was intelligent.
“She won debating awards and all this and that. She won the Betty Crocker award. She won everything. . . . She always just achieved,” Herring said, calling his sister “probably the most tenacious person I’ve ever known.”
I’ve a feeling that she’s retained that quality … and will need it.
Glad this deed is finally done – especially in the midst of all the tea party craziness. The Mad Hatters aren’t entirely in charge … not yet!
Next up for the Phillies- the Nats – a team they seem to have struggled with all season. Lets keep winning, guys – it does wonders for my mood!