A Tough Cop on the Wall Street Beat
BURLINGTON, Vt., September 17 -- U.S. Sen. Bernie Sanders (I-Vt.) today applauded President Obama for tapping consumer advocate Elizabeth Warren to set up a new financial consumer protection bureau.
At the White House this afternoon, Obama announced that the Harvard professor will be an assistant to the president and a special advisor to the treasury secretary.
“I've known Elizabeth for many years. She's smart. She's tough. She's prepared to take on Wall Street,” Sanders said. The senator was among the first to back Warren in a July 19 letter to President Obama that called her the best choice to stand up to the big banks and Wall Street.
“At a time when the working families of this country are profoundly disgusted by the greed, recklessness and illegal behavior of Wall Street, I applaud President Obama for putting her in charge of setting up the new Financial Consumer Protection Bureau,” Sanders said. “The American people are tired of being ripped off by large banks and financial institutions. In Professor Warren, they finally will have someone in a position of power who can protect their interests.”
The new bureau created by the Wall Street reform law will write and enforce rules for mortgages, credit cards, student loans and debt collection. Warren wrote in a post on the White House blog that the purpose of the bureau is to ensure that people should be able to read their credit card and mortgage contracts and "know the deal."
“The new consumer bureau is based on a pretty simple idea: people ought to be able to read their credit card and mortgage contracts and know the deal,” she said. “They shouldn’t learn about an unfair rule or practice only when it bites them—way too late for them to do anything about it. The new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market.”
The 61-year-old Harvard University professor describes herself as "not a Washington person." She has been in charge of monitoring the Treasury Department's handling of the $700 billion bank-bailout fund called the Troubled Asset Relief Program.