July 22, 2011
After months of fierce opposition from Wall Street, corporate lobbyists and Republican lawmakers, the Consumer Financial Protection Bureau officially launches this week in Washington, D.C. A product of last year’s overhaul of financial regulation, the bureau was established to protect consumers from deceptive practices. Republicans have sought to weaken its reach with a number of restrictive measures, including granting other regulatory bodies veto power over the bureau’s decisions. This week, Republicans scored another victory with President Obama’s announcement of his choice to head the bureau. Obama has tapped former Ohio Attorney General Richard Cordray instead of Elizabeth Warren, the Harvard professor who first proposed the bureau and has overseen its establishment for the past year. “[Cordray] is no Elizabeth Warren. He doesn’t have her communication skills,” says Nader. “She is a rare find. And by throwing her overboard, Obama has signaled to hundreds of good, smart people all over the country, who would like to turn our government around and make it stand for the people, that they may be too good for the president, they may be too good for the rogue Republicans.”
Watch the video interview on Democracy Now!’s website.