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ARTICLE · 21 SEPTEMBER 2011

A Step Forward?

Cozen O'Connor
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Unlike previous Congressional hearings, including one in which Representative Patrick McHenry (R-NC) famously called Elizabeth Warren "a liar"; last week’s Senate Banking Committee Hearing on President Obama’s nomination of Richard Cordray to direct the newly created Consumer Financial Protection Bureau, proved a much calmer affair. With the departure of Elizabeth Warren, who recently announced her candidacy for Senate, a more rational dialogue was able to occur regarding the new Bureau and its

United StatesConsumer Protection
Madeline Lurio
Madeline Lurio

Unlike previous Congressional hearings, including one in which Representative Patrick McHenry (R-NC) famously called Elizabeth Warren "a liar"; last week's Senate Banking Committee Hearing on President Obama's nomination of Richard Cordray to direct the newly created Consumer Financial Protection Bureau, proved a much calmer affair. With the departure of Elizabeth Warren, who recently announced her candidacy for Senate, a more rational dialogue was able to occur regarding the new Bureau and its powers.

The Consumer Financial Protection Bureau (CFPB) was created last year through the Dodd-Frank Wall Street and Consumer Protection Act of 2010. And since its formation has been the subject of incredible partisan debate. Over the past year, Elizabeth Warren served as the Assistant to the President and Special Advisor to the Secretary of the Treasury, and was responsible for setting up the Agency, from scratch. Also credited with the idea for the CFPB, many were

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