Elizabeth Warren

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Elizabeth Warren
Elizabethwarren.jpg
Occupation Senator
Employer United States Senate
Location Washington, DC

Elizabeth Warren is a Harvard Law professor and U.S. Senator from Massachusetts. She served as Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau from September 2010 [1]until August 2011. [2]

On September 14, 2011, Warren launched a campaign for the U.S. Senate, saying "The pressures on middle-class families are worse than ever, but it is the big corporations that get their way in Washington. I want to change that." [3] She was elected to the Senate in the November 2012 election. She is currently listed as "on leave" from her post at Harvard Law School. [4]

On Dec. 12, 2012, it was officially announced that Warren would be given a seat on the Senate Banking Committee.[5] Warren has chided Wall Street and big banks for taking risks that leave consumers vulnerable.[6]

Background

Warren began her career as a summer associate at Cadwalader, Wickersham & Taft's office on Wall Street. She was the William A. Schnader Professor of Commercial Law at University of Pennsylvania's School of Law and taught at the University of Texas School of Law, the University of Houston Law Center as well as the University of Michigan and Rutgers Law School before joining Harvard Law School in 1992.

The idea for the CFPB was inspired by an article Warren wrote in 2007.[7] The idea led to its inclusion in the 2010 Dodd-Frank Act. Title X of the Act calleed for the creation the new agency, to monitor the financial sector for deceptive, abusive and unfair practices in such areas as mortgages, revolving credit, automobile loans, and student loans. [8]

In 2009, Warren was selected to chair the TARP Oversight Panel.[9] In November of 2009, Warren said at a hearing of the TARP panel that the $700 billion bailout hadn’t stopped the “culture of excessive risk-taking” that led to the financial crisis.[10]

By taking the role of special advisor to set up the CFPB rather than becoming head of it, Warren avoided having to go through a congressional confirmation process.[11] In anticipation of fierce Republican opposition to Warren as head of the agency, in July 2011, President Obama instead chose Richard Cordray to head the agency.[12] Warren subsequently left the agency and returned to her Harvard post until 2012, when she was elected to the U.S. Senate.

Education

Warren graduated from the University of Houston with a Bachelors of Science in 1970. She went on to receive a law degree from Rutgers University in 1976. [13]

References

  1. Fighting to Protect Consumers. White House Blog.
  2. Elizabeth Warren heading back to Harvard. CNN Money.
  3. Consumer advocate Warren launches Senate bid. USA Today.
  4. Elizabeth Warren. Harvard Law School.
  5. It’s on: Elizabeth Warren versus Wall Street. The Washington Post.
  6. Elizabeth Warren gets Banking Committee post. USA Today.
  7. Tim Geithner Opposes Nominating Elizabeth Warren to Lead New Consumer Agency. White House Blog.
  8. Learn about the Bureau. Consumer Financial Protection Bureau.
  9. TARP Oversight Panel Urges Transparency, Accountability. The Wall Street Journal.
  10. Bailout Hasn’t Checked Wall Street Risks, Warren Says. Bloomberg.
  11. Warren: No More "Tricks and Traps" Under U.S. Watchdog. Advanced Trading.
  12. Obama names Richard Cordray consumer watchdog chief over GOP objections. Washington Post.
  13. Elizabeth Warren. Harvard Law School website.