Demos Supports Elizabeth Warren Appointment to Advise President, Oversee Creation of New Consumer Financial Protection Bureau; A Win for the Middle Cl

​

New York, NY--Miles Rapoport, President of Demos, a national policy & advocacy center that was involved in the battle for passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, issued the following statement today on the appointment of Elizabeth Warren as Assistant to the President and Special Advisor to the Treasury Secretary:

"Demos welcomes the news that Professor Elizabeth Warren will lead the development of the new Bureau of Consumer Financial Protection. For decades, our patchwork federal regulatory system has failed to protect regular Americans’ wealth from unscrupulous banking practices. Now more than ever, American families are relying on essential public structures such as the new Bureau to ensure that lenders help them weather financial storms--not create them.

"Elizabeth Warren imagined and developed this agency, and has fought for the middle class tirelessly for years. With Professor Warren at the helm, the Bureau can start accomplishing its essential regulatory mission on day one. We hope that the President and Congress will move quickly to support her as the permanent Director, but in light of the hard work that must begin today, this is a win for the middle class."

The Demos policy brief, Why We Need an Independent Consumer Financial Protection Agency Now (available at http://bit.ly/d8QXmv), recounts the history of financial deregulation at the state and federal levels, connecting this policy to increased family economic security and the current economic crisis. The brief also answers some of the Frequently Asked Questions about a new consumer regulator.

###

Tim Rusch, (212) 389-1407, trusch@demos.org
Gennady Kolker, (212) 389-1408, gkolker@demos.org

Tags: