Consumer advocate and Harvard law professor Elizabeth Warren addressed Monday how she felt about being passed up as director of the Consumer Financial Protection Bureau on MSNBC’s Rachel Maddow Show.
The Bureau was created by the Dodd–Frank Wall Street Reform and Consumer Protection Act to regulate mortgages, credit cards and other financial goods and services. It will commence operation as an independent agency on July 21.
Warren first proposed the Bureau and helped set it up, but President Barack Obama nominated former Ohio Attorney General Richard Cordray to avoid a Senate confirmation battle.
“We would not have a consumer agency if it were not for President Obama,” she said.
“I want to be real clear. The reason I can not run this agency is because of [Republicans],” Warren continued. “They have made it perfectly clear that they are not going to let this agency go forward if I am there. Fine, I can step away from this. What I care about is this agency.”
Warren described Cordray as a “good man.”
“I think it’s time to take the fight straight to the Republicans,” she added. “We need a director in place, that is the law, and we are not, not, not going to let the minority come in and dictate the terms of this agency – rip its arms and legs off before it is able to help a single family.”
Senate Minority Leader Mitch McConnell (R-KY) said Monday that Republicans still plan to block the nominate of Cordray.
Watch video, courtesy of MSNBC, below: