On the recordJuly 21, 2010
3 years ago Professor Elizabeth Warren warned about the financial risks associated with subprime and no doc mortgages and the shell games that were being masked as risk-free investments. She said that consumers can't buy a toaster that has a 1-in-5 chance of bursting into flames, but they can enter into a mortgage that has the same 1-in-5 chance of putting them out on the street. In the end, she told us what would happen, and it did. But Professor Warren didn't just limit herself to warnings. She laid out the foundation of what would soon become the Consumer Financial Protection Bureau. With the President's signing of the Wall Street reform today, the time has finally come to appoint a director to this new bureau. We need a proven fighter at the helm with a strong record of being tireless, independent, and willing to speak out for consumers when others won't. She is the best choice for the job. I urge the President to appoint Elizabeth Warren to the post.
