Wednesday, May 25, 2011

CFPB Hearing

Elizabeth Warren, head of the still-forming Consumer Financial Protection Bureau, was brought before a congressional committee to answer questions regarding her bureau's budget, intentions, limitations, and structure. What followed was more about character assassination, lying, and distorted political mud-slinging than actually getting answers to important questions.

Watch the video and read the portion of the transcript that is provided in this article to see what I mean.

The discussion was not so much about how the CFPB would operate, but how it was an entitled entity, and Warren was an arrogant bureau chief who felt that she was above the laws and regulations that define her position. It's pretty obvious from the video that this isn't the case.

GOPers on the committee tried hard to cast the CFPB as unconstitutional, overly powerful, immune to oversight, and a financial black hole. Warren systematically destroyed each and every one of these notions, plus more besides, all while keeping her cool in the face of stiff opposition.

It got the point where Rep. Patrick McHenry (R-N.C) argued that Warren was trying to skip out on the proceedings when she reminded them that they were running over their agreed ending time. He even accused her of lying about their agreed time limit, and even refused to apologize when it was brought to his attention that he had been mistaken.

Overall, it was a wonderful performance by Elizabeth Warren, a shameful display by committee GOPers, and an interesting look at how our nation is being run these days.


If you want to see Elizabeth Warren chatting with Jon Stewart, here's a link to the full episode in which she appears as a guest.

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