The Consumer Financial Protection Bureau officially began operations this week.
That’s good news.
However, the bureau is legally restricted from fully exercising its authority until it has a director, which may be months away, because President Obama did not nominate anyone until this week, and the Senate is in no hurry to confirm his nominee.
And, as you no doubt know by now, the nominee is not Elizabeth Warren.
Make no mistake — we are in a direct confrontation with Wall Street and the Big Banks, the very enemies of reform that crashed our economy and now insist we allow them to continue conducting business as usual.
The fight has merely begun.
Public Citizen needs your support so that we may carry on defending the American people from a wholesale subordination to runaway corporate greed.
I’m counting on you. Please contribute today.
No organization worked harder than Public Citizen for passage of the legislation that created the bureau.
Nobody stood behind its leading champion and chief architect, Elizabeth Warren, as she faced vicious partisan politics, more resolutely than tens of thousands of Public Citizen supporters across the country.
And Public Citizen stood out for taking the president to task for giving in to Wall Street and not choosing Elizabeth Warren, the best possible candidate for the job of running the bureau.
Here’s ABC News Senior White House Correspondent Jake Tapper questioning Obama’s press secretary, Jay Carney, at a White House press conference on Wednesday:
Public Citizen said about the fact that Warren was not nominated to the position, quote, “Wall Street and the big banks did not want her to get the job. President Barack Obama decided to succumb to those interests rather than fight for the American people.” … I think the point that Public Citizen was making was that the president should have fought for Elizabeth Warren instead of blinking.
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There is so much we have to do together in the coming weeks and months:
* We must remain vigilant to any and all legislative attempts to weaken or dismantle the Consumer Financial Protection Bureau. This past Thursday, the very day the bureau launched, the House of Representatives voted to meddle with it in ways that would severely hobble its ability to fulfill its mandate: Protect consumers from the scheming and trickery of Wall Street tycoons who have profited, obscenely and perilously and for far too long, at our expense. While the Republican-controlled House seems to have no moral compass, we must pressure the Senate to preserve the bureau’s authority.
* We must push aggressively for the speedy confirmation of the person Obama did nominate to run the bureau, Richard Cordray. Since, like Elizabeth Warren, he is quite qualified, the Big Banks and their Republican allies in the Senate will oppose his confirmation tooth and nail too.
* We must continue to be — as we have been for 40 years — the most resourceful and steadfast force cutting through corporate irresponsibility, obfuscation and maliciousness.
* We must hold President Obama to his duty and his pledge to keep us safe from Wall Street’s worst impulses. As sure as the sun will rise, the president is hearing from corporate lobbyists and hyper-wealthy CEOs. We must make sure he hears from the rest of us.
Public Citizen is strong because we are hundreds of thousands of ordinary Americans — people like you and me — standing together for justice and corporate accountability.
Please contribute today to help us raise the funds we need for the next steps in our work to rein in corporate power.
President, Public Citizen