Dear Dirty America

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It’s Official, Elizabeth Warren Is Out

July 29
18:29 2011

Shahien Nasiripour writes:

Elizabeth Warren, spurned by the White House, today leaves the consumer agency she conceived of and created to return to academic life at Harvard Law School.
Her unit, the Bureau of Consumer Financial Protection, is charged with protecting borrowers from abusive lenders. Created in the wake of the most punishing financial crisis since the Great Depression, which Warren has said began “one bad mortgage at a time,” the agency is one of President Barack Obama’s most notable accomplishments in attempting to reform the nation’s financial system.
But after hostile sniping from Congressional Republicans, and some Democrats, the White House was able to duck questions about its commitment to Warren and her desire to lead the agency, and instead nominated one of her deputies, former Ohio Attorney General Richard Cordray, to be the unit’s inaugural chief.

Credit: David Shankbone

 

“I leave this agency, but not this fight,” Warren wrote in her farewell note to her 500 staffers. “The issues we deal with — a middle class that has been squeezed and business models built on tricks and traps — are deeply personal to me, and they always will be.”

It’s deeply troubling that the White House couldn’t stand by one of the very few powerful and genuine advocates for financial reform.

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