Madison County Democratic Committee

Category: Wall Street

Consumer Financial Protection Bureau on the Chopping Block

November 13, 2016 /

The Consumer Financial Protection Bureau is a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly. Most recently, the CFPB ordered Wells Fargo to refund thousands of customers who were charged fees for unauthorized accounts.

In case there was any doubt about Elizabeth Warren’s feelings toward John Stumpf, the C.E.O. of Wells Fargo, it was cleared up during a hearing before the Senate Banking Committee. “Okay, so you haven’t resigned, you haven’t returned a single nickel of your personal earnings, you haven’t fired a single senior executive,” Warren said to Stumpf, during an interaction that might properly be characterized as a verbal evisceration. “Instead, evidently, your definition of ‘accountable’ is to push the blame to your low-level employees who don’t have the money for a fancy P.R. firm to defend themselves.”

Senator Warren warns that the CFPB may be among the early victims of a Republican administration. Social Security, Food Stamps and Health Care won’t be far behind.
 

U.S. Senator Elizabeth Warren – Timeline | Facebook

U.S. Senator Elizabeth Warren, Washington, District of Columbia. 1,760,271 likes · 36,458 talking about this. Official page of the office of U.S. Senator…

Action Alert: Protect Social Security for Our Seniors and Future Generations

August 12, 2016 /

Exactly 81 years ago this month, Franklin D. Roosevelt signed Social Security into law.

Since then, it has functioned as one of the most successful programs in our nation’s history, giving seniors the support they depend on during retirement. Today, Social Security keeps approximately 15 million seniors out of poverty.

More than 1 MILLION Virginia seniors depend on Social Security, but Republicans want to undermine this vital program:

  • Slashing hard-earned benefits
  • Making Americans work longer
  • Gambling Social Security on Wall Street in a risky privatization scheme, potentially leaving seniors without the income they need to survive

We must take action to ensure this essential program remains strong for today’s seniors and for generations to come.

Tell Congress: Protect Social Security for Our Seniors and Future Generations

The Cash Committee

August 18, 2013 /
8 CEOs of banks that benefited from the government's bailout program appeared before the House Financial Services Committee.

8 CEOs of banks that benefited from the government’s bailout program appeared before the House Financial Services Committee. Chip Somodevilla/Getty Images

The House Financial Services Committee has grown so large that a highly unusual fourth row of seats had to be installed in the committee room. Every term, scores of members, particularly freshmen, demand a seat on the panel — not because they have a burning interest in regulating banks and Wall Street, but because they know that they will be able raise much more money if one of the 61 seats has their name on it.

Committee member Robert Hurt of Virginia has accepted $214,475 from the Securities & Investment
industry and another $124,300 from the commercial banking industry during his career. -opensecrets.org

As Eric Lipton recently explained in The Times, Financial Services has become known as “the cash committee” because interest groups donate more money to its members than to those of any other House committee. More than $10 million has been given to its members just this year, and most of it has come from the big names the committee oversees. Contributors included employees of Goldman Sachs, Bank of America, the Credit Union National Association, the Investment Company Institute, Wells Fargo and many of the biggest accounting firms and insurance companies.

Committee members don’t seem particularly ashamed of the favors they do for those providing the cash..

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Elizabeth Warren Smacks Down Wall Street Bankers

March 16, 2013 /

 

Elizabeth Ann Warren (née Herring; born June 22, 1949) is the senior United States Senator from Massachusetts and a member of the Democratic Party. She was previously a Harvard Law School professor specializing in bankruptcy law. Warren is an active consumer protection advocate and her work as a policy advocate led to the conception and establishment of the U.S. Consumer Financial Protection Bureau. She has written a number of academic and popular works, and is a frequent subject of media interviews regarding the American economy and personal finance.

Born in Oklahoma City, Warren attended The George Washington University and the University of Houston. She received a J.D. from Rutgers School of Law–Newark in 1976, and went on to teach law at several universities before joining Harvard in the early 1990s.

In the wake of the 2008 financial crisis, Warren served as chair of the Congressional Oversight Panel created to oversee the Troubled Asset Relief Program (TARP). She later served as Assistant to the President and Special Advisor to the Secretary of the Treasury for the Consumer Financial Protection Bureau under President Barack Obama. In the late 2000s she was recognized by publications such as the National Law Journal and the Time 100 as an increasingly influential public policy figure.

In September 2011, Warren announced her candidacy for the U.S. Senate, challenging Republican incumbent Scott Brown. She won the general election on November 6, 2012, and is the first female Senator from Massachusetts. She was assigned to the Aging, Banking and Health, Education, Labor, and Pensions committees. –Wikipedia

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