Yesterday, President Obama made one of his very best appointments in 20 months in office, when he chose Harvard Professor Elizabeth Warren as the head of the new Consumer Financial Protection Bureau!
By making her a Presidential adviser, he gives her a seat at the table, able to consult regularly with Obama, and he avoids a difficult confirmation fight with the Republicans in the Senate, since presidential advisers do not need Senate confirmation, so he is gaining her involvement without the headache of a partisan battle!
Of course, the GOP will be upset, but who cares? And, of course, the banking industry is furious, because Warren has been a major critic for years of how banks treat consumers!
Warren has called for a short, explainable mortgage agreement, which would prevent banks from bilking consumers of billions of dollars in undisclosed fees, and deny banks the ability to confuse consumers with long pages of legalese! She would also prevent unwarranted, burdensome fees imposed by credit card companies, and force auto loans to be disclosed in exact details as to fees and charges! Additionally, student loans would be accomplished with the end of banking abuses!
The more the banks hate Warren, the more we as consumers should love her! And the Republican and conservative opposition to her, as a person who speaks for the people, should be responded to as opposition to the interests of the country, and be reacted to at the polls by a smashing repudiation! 🙁