Washington, DC – The Campaign for America’s Future and its supporters are urging President Obama to appoint Elizabeth Warren to the Consumer Financial Protection Bureau (CFPB) when the Senate recesses at the end of the month.
“There is only one person who should lead the Consumer Financial Protection Bureau,” said Robert Borosage, co-director of the Campaign for America’s Future, “and that is the brilliant advocate who championed it, the remarkable administrator who has helped get it off the ground, and the middle class champion who will make it work – Elizabeth Warren.”
The law states that the new head must be in place by July. Senate Republicans have now pledged to block any nominee unless the Bureau is weakened dramatically. The minority in the Senate is saying that they will hold any nominee hostage unless the law passed by both Houses of Congress and signed by the President is changed to their specifications.
“The president should stand up to this outrageous extortion” said Borosage,” He has the power to make a recess appointment when the Senate goes out of session at the end of this month. He should use that power to appoint Elizabeth Warren, a true champion of working families to head up the agency. It is time to act.”
Over the past months, Elizabeth Warren has dazzled Washington with her leadership capacities. She has proved her value as an advocate and as an administrator. She has shown responsible bankers that she is sensitive to their concerns. At the same time, she has demonstrated the value of a true champion of working families heading up the only financial bureau dedicated to the protection of consumers.
Wall Street’s lobbyists have tried to block, cripple and delay the establishment of this bureau from the start. Now the Republican minority has joined that effort.
But the CFPB is a vital centerpiece of financial reform. And Elizabeth Warren has demonstrated how invaluable she will be in leading the new bureau.
“The President should not and need not bow to those who want to gut the reforms that have just been passed. It is time to act. Since Republicans have made it clear that no nominee will gain approval, the President need not wait. A recess appointment is both necessary and sensible. It is time to act.”
Borosage lauded Rep. Carolyn Maloney (D-NY), Rep. Keith Ellison (D-MN) and Rep. Brad Miller (D-NC) for leading the effort to advocate for a recess appointment for Warren.
Link to the petition to urge President Obama to appoint Elizabeth Warren: www.ourfuture.org/warren