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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Friday, January 04, 2013

Best served cold

Senate Republicans may be ruing the day they joined together to derail Elizabeth Warren's nomination to head the new consumer protection bureau.

When she took the oath of office yesterday as the state's junior (and soon-to-be-senior) senator, Warren must have had at least a silent last laugh at upending the GOP master plan to weaken the Dodd-Frank financial services law and the Consumer Financial Protection Bureau it created.

And she will not doubt have another chuckle when she sits down for her first meeting as a member of the Senate Banking Committee, whose ranking Republican, Richard Shelby of Alabama, led the charge against her.

Warren has displayed all the right behaviors of a high-profile woman coming into what was once regarded as an exclusive men's club (think Sen. Hillary Clinton). But there can be little doubt she will raise her voice -- and her passion -- in advocating for consumers.

The bankers represented by Shelby and his colleagues are also sweating bullets these days -- having poured millions into Scott Brown's coffers in exchange for his efforts to weaken Dodd-Frank and keep Warren out on CFPB.

Simply put, the GOP-Wall Street axis may have thought they were simply swatting down a gadfly, only to find that "pest" bigger than ever smack in the middle of the action.

While Barack Obama has accomplished a great deal to fix the nightmare caused by the deregulation of financial services and the Great Recession, his record on holding those accountable has been less than stellar.

After a suitable (and short) warm-up period, it is likely that accountability is going to be sought, if not through indictments at least in the court of public opinion.

Think Shelby wishes he could have that letter back?

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Anonymous Anonymous said...

Maybe they can put the Glass-Steagal act back in place.

January 04, 2013 5:02 AM  

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