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Holly Petraeus to Work With Elizabeth Warren

Holly Petraeus to Work With Elizabeth Warren

According to reports Elizabeth Warren plans to name Holly Petraeus to head up the Consumer Financial Protection Bureau’s efforts to protect military families from abusive lenders.  The appointment is expected to take place later this week, though no formal or confirming announcement from Warren has been made.

Petraeus is the wife of Gen. David H. Patraeus and has spent her lifetime in the military.  She was the daughter of a career Army officer and currently serves as the director of BBB Military Line, a program that works in partnership with the Defense Department to advocate for military families and educate them on consumer issues.  She has also testified before Congress about military readiness and worked with state and local officials on consumer issues affecting service members.

The appointment is the result of a lengthy political battle from last year as to whether or not the nation’s auto dealers should be subject to regulation by the new consumer bureau.  Military officials testified that many soldiers had been baited into abusive loans and therefore strict oversight of the industry was necessary.  According to the testimony, soldiers saddled with unsustainable debt amounted to a military readiness issue.  Petreaus joined in the regulatory effort arguing that the additional protections were necessary because dealerships often use high-pressure tactics to trap these military families into expensive loans.

Petraeus is one of a flurry of hires by the new agency despite lacking a full-time director.  Any nominee must be approved by the Senate which won’t be an easy task given that Republicans opposed the creation of the agency in general.

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photo courtesy of David_Shankbone via Flickr

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31 comments

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12:17PM PST on Jan 11, 2011

@Geoffrey Y. and Janet K. you didn't read the article...she is running the MILITARY branch of the agency...the agency does cover all of the consumers not just the Military...Comprehension skills are not your strong point are they...
@ Robert O. ..you are not getting it are you..she is not a part of any elite society...she has always been a military brat and grew up taking care of their issues in all her jobs..you really need to stop spouting your divisive rhetoric from Faux Noise...their days are numbered

6:35AM PST on Jan 11, 2011

Some people may doubt the wisdom of actually creating such a bureau, but I seriously doubt that, given the fact that such a bureau will exist, anyone would doubt that this is the right person for the job. Her credentials for the position seem to be unrivaled.

7:10PM PST on Jan 10, 2011

Good for her!

5:03PM PST on Jan 8, 2011

Another piece of good news -- thanks.
Our military and their families -- just like the rest of us -- should be protected from opportunistic lenders!

11:15AM PST on Jan 7, 2011

THis sounds like good news

5:37AM PST on Jan 7, 2011

I hope the agency headed by Warren succeeds.

10:33PM PST on Jan 6, 2011

Thanks for posting

7:23PM PST on Jan 6, 2011

Yes, the entire public should be protected from abusive lenders. Why military only. Well it is just another political game that Obama admin could play. However, you should expect polical balance NOT justice. There is no justice in human level in the world. Elizabeth Warren's way to wall street is very interesting to watch! from pure "practical" aspect, I believe this is a good move.

5:38PM PST on Jan 6, 2011

WTF! I think the entire public should be protected from abusive lenders!

4:33PM PST on Jan 6, 2011

Mrs. Petraeus is part of the "empire of the elite". Whatever she does in her new position, you can bet it will benefit "empire", whether it is good for "we the people" or not.

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