(Elizabeth Warren, exposing the bailout con game,
full audio)
Published on Thursday, August 12, 2010 by Huffington Post
Chris Dodd, Top Democrat, Fights Against Elizabeth Warren
by Shahien Nasiripour
Despite the outpouring of support for bailout watchdog Elizabeth Warren's candidacy to lead a new consumer protection agency, one prominent Democrat continues to publicly stand in her way: Senate Banking Committee Chairman Christopher Dodd.
[Elizabeth Warren, who became a hero for consumer advocates during the financial reform debate and is now their top choice to head the newly created Consumer Financial Protection Agency, is facing continued opposition from Senate Financial Committee Chairman Chris Dodd (D-Conn).]Elizabeth Warren, who became a hero for consumer advocates during the financial reform debate and is now their top choice to head the newly created Consumer Financial Protection Agency, is facing continued opposition from Senate Financial Committee Chairman Chris Dodd (D-Conn).
The Connecticut Democrat, who has lambasted lenders for taking advantage of cash-strapped borrowers and bank regulators for their poor record in protecting consumers, led the effort to get the recently-enacted financial reform law through Congress. The agency it calls for -- a unit specifically charged with protecting borrowers from predatory lenders -- survived attacks by the financial services industry and Republicans. It's now hailed as one of the Obama administration's top achievements.
But now that the fight has shifted from the creation of the agency to who's going to lead it, Dodd's role seems to have reversed, say some financial reform advocates -- rather than fighting for the toughest possible advocate to fight for consumers and families, he's openly doubting the wisdom of that selection.
