House Republicans may be afraid of Elizabeth Warren, but Elizabeth Warren is not afraid of them. That’s a good thing because her agency and its oversight authority is at the top of the list of transparency and regulatory moves by the Obama administration the right hopes to undo.
In her first official appearance as a member of the Obama administration, Warren made it clear that she was not about to be bullied by folks like Rep. Spencer Bachus (R-Ala) who has gone out of his way to characterize Warren as an “unaccountable” head of a rouge agency.
Instead, Republicans propose replacing Warren with a five-person board of directors that would slow down its rulemaking procedures. They also plan to starve the agency for funding, making it doomed to fail before its even off the ground.
In her testimony Warren reiterated her resolve to help create a more informed consumer by focusing on disclosure and transparency rules for lenders. By making pricing clear in terms of financial products like credit cards and home mortgages, citizens have the opportunity to make better choices and not find themselves financially upside down while the nation’s largest banks profit from their debt burden.
With all the other battles waging between the administration and House Republicans, this one has largely flown under the radar. But it may be the most important of all the fights so far. If the House Republicans get their way then the very actors who brought on (and profited from) the Great Recession will not only go unpunished in the short term, they will be rewarded long-term for those same destructive practices.
photo courtesy of David Shankbone 2010 via Flickr