When a subcommittee chairman accuses a witness of “making this up,” it’s a serious charge, even when the subject at hand is something as noncontroversial as a scheduling snafu.
And yet, when Rep. Patrick McHenry (R-NC) leveled that accusation at Elizabeth Warren, she responded calmly and clearly, just as she had throughout her testimony before the Subcommittee on TARP and Financial Services on May 24. She offered to take additional questions in writing and submit answers for the record. She even said she would make herself available to the committee for future hearings.
Yesterday morning, Elizabeth Warren returned to answer questions from the full House Committee on Oversight and Government Reform.
As acting head of the Consumer Financial Protection Bureau, Elizabeth Warren’s charge is to ensure that Americans are protected from the predatory banking practices that have driven so many into mortgage defaults and economic hardship. Throughout her tenure at the new agency, Warren has made a name for herself as a tireless champion of everyday Americans who are too often faced with hidden fees, obscure penalties, and financial contracts that leave them without options when things go wrong. At the May 24 hearing, Rep. John Yarmuth (D-KY) congratulated Warren for “instilling such fear in… some aspects of the business community because they understand how effective you are in getting the message out to the American people that there are better ways to do things.”
But until the bureau has a formal director, it cannot release rules governing consumer finance or begin overseeing previously unregulated agencies like payday lenders. LINK Unfortunately for consumers, Republicans in the Senate are refusing to consider the nomination of Warren – or anyone – to be permanent head of the agency until it is significantly restructured and weakened. Republicans in the House don’t even want the agency to exist.