Joe Nocera has a good essay in the New York Times about opposition to Elizabeth Warren as head of the CFPB. After one of the most severe financial meltdowns in U. S. history, it continues to be puzzling to me (yes, I understand the lobbying) that we cannot get better oversight of the financial sector. Nocera puts it well.
You would think that Republicans would like this sort of thing. Instead, they portray Warren as a polarizing ideologue bent on creating an agency that, as Mitch McConnell, the Senate minority leader, put it recently, “could be a serious threat to our financial system.” How, precisely, an agency that tries to keep financial consumers from being gouged threatens the system is something no one ever explains. (Unless, of course, gouging consumers is central to bank profitability. Hmmm...)
So what's the deal? The data that has emerged from the financial crisis seems to clearly indicate the need for better oversight of financial products. So why the opposition?
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