Ocnus.Net
News Before It's News
About us | Ocnus? |

Front Page 
 
 Africa
 
 Analyses
 
 Business
 
 Dark Side
 
 Defence & Arms
 
 Dysfunctions
 
 Editorial
 
 International
 
 Labour
 
 Light Side
 
 Research
Search

Research Last Updated: Feb 16, 2017 - 10:55:25 AM


Elizabeth Warren Breaks Down the Biggest Trump Scandal You Havent Heard About
By Alexandra Rosenmann, AlterNet February 9, 2017
Feb 16, 2017 - 10:53:59 AM

Email this article
 Printer friendly page

Warren sounds off on the president's plan to gut the Consumer Financial Protection Bureau.

Mitch McConnell may have cut her off on the Senate floor, but Elizabeth Warren refuses to be silenced. Two days after becoming an internet meme, the Massachusetts senator sat down with Attn to discuss an underreported but no less pressing Trump scandal.

"What Donald Trump wants to do is fire one of the most important financial cops and then say to the American people, you keep walking down this dark alley and, you know, what happens is what happens," Warren revealed.

The cop in question is Consumer Financial Protection Bureau director Richard Cordray. Cordray's term ends in July 2018, but Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, is encouraging Trump to "immediately fire" the director.

"The Consumer Financial Protection Bureau, which didn't even exist before the financial crisis, [prevents Americans from being] cheated on mortgages and credit cards and the things that ultimately blew up our economy," Warren explained.

The CFPD was created by the Dodd-Frank financial reform act and specifically helped combat home mortgage scams. Now that Trump wants to scrap the legislation, Republicans such as Rep. Hensarling along with Sen. Mike Lee of Utah and Sen. Ben Sasse of Nebraska say Cordray must go.

"The financial services industry, the giant banks figured out, 'Whoa, there's money to be made here... by selling, lyin' and cheatin' scammin' mortgages,' and that's what they did," Warren said.

"They sold them in big numbers and for a little while it was, you know, like a sugar high," she continued. "Housing prices went up, the economy went crazy, and then of course it all blew up. And they not only cost people their homes and cost them their financial security, they cost millions of people across this country their jobs and their savings. They really created the economy that made it so hard for young people to come in and get good and decent jobs and be able to move ahead."

Warren became the Special Advisor to the Secretary of the Treasury for the Consumer Financial Protection Bureau in September 2010, but was not nominated to direct the agency for fear she would not pass confirmation. President Obama nominated Cordray instead 10 months later.

According to Warren, the agency functions as "a cop on the beat, to [provide] a level playing field" and "Donald Trump just started the process to try to gut the rules."

 

https://youtu.be/xeKsDa5sVlg


Source:Ocnus.net 2017

Top of Page

Research
Latest Headlines
More than an oppressors language: reclaiming the hidden history of Afrikaans
Searching for New Physics at CERN
New form of matter may hold the key to developing quantum machines
Device pulls water from dry air, powered only by the sun
Japan To Conduct Second Test To Produce Gas From Methane Hydrate
US Military Satellite Production Rates Boosted by 3-D Printed Parts
Can we use solar energy to make fertilizer right on the farm?
Cats found to like humans more than thought
From an Iowa classroom in 1968 to Donald Trump: Educator Jane Elliott on the legendary Blue-Eyed/Brown-Eyed exercise
Sea Ice Extent Sinks to Record Lows at Both Poles