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Good Enough For Government

In Good Enough For Government, Matt on September 24, 2010 by Two Barbers Tagged: , , , ,

Please don’t go away or to sleep. To help with this, maybe you should skip to the bottom first, then come back to the top and then start reading down. You could also try hopping around randomly to whatever words are most attractive.

Elizabeth Warren began the first week of her new job, building the Consumer Financial Protection Bureau (CFPB). She moved into her office on Monday. On Tuesday, she and Sec. Geithner held a closed-door forum on establishing national standards to regulate the structure of mortage contracts and requisite paperwork so that they are comprehensible to borrowers. It’s not yet clear what comprehensible will mean (it’s my choice word btw, not something taken out of the legislation or talking points, and comes out of secondary awareness of media coverage of the issue, so you don’t have to give it more attention than any other run-of-the-mill word even though, the way it’s being put, it kind of comes off like a tag…it’s not…) but that’s because defining it is one of the tasks of the CFPB, more specifically, I’m assuming, it’s Office of Financial Literacy “which shall be responsible for developing and implementing initiatives intended to educate and empower consumers to make better informed financial decisions” (Sec. 1013 (d)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act), also not yet established and so with TBD significance.

The issue has been a pervasive, although not an exceptionally shiny, topic in media throughout the national discussion on financial reform that began as the mortgage crisis hit and reached a climax when the above referenced legislation passed its final vote on July 15th. This is not to say it wasn’t a topic earlier (for example, Warren wrote an article in mid-2007 titled Unsafe at Any Rate in which she wrote “Part of the problem is that disclosure has become a way to obfuscate rather than to inform.”) but that it didn’t reach the same peaks of media exhibition to be notable to secondary awareness.

Warren’s title is Assistant to the President and Special Advisor to the Secretary of the Treasury (on the Consumer Financial Protection Bureau) under which she will be performing many of the duties of a start-up Director, such as hiring and budgeting, although she has not been nominated for the position by Obama and has not been reviewed and approved by Congress, which would be required before her appointment. She is now part of Obama’s “economic team” and “will be meeting with the president and the rest of his economic advisors on a regular basis.” (Reuters) A Director will be nominated some time in the future, and it may or may not be her.

 According to the Daily Herald, a local Chicago paper, the forum attendees included “consumer advocacy groups, financial literacy counselors and representatives of the mortgage industry”.

Oh yeah, Stephen Colbert testified to House Immigration, Citizenship, Refugees, Border Security, and International Law Subcommittee during a hearing on Protecting America’s Harvest on Friday morning.

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One Response to “Good Enough For Government”

  1. […] he chose not to run) is the Chairman of the COP (a position previously occupied by none other than Elizabeth Warren, the recently [about a month ago] appointed Special Advisor to President Obama in charge of establishing the Consumer Financial Protection Bureau) opened the hearing with […]

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