Elizabeth Warren Interview & U.S. Chamber of Commerce Lobbying Against Consumers

It appears Obama is going to try to push financial regulatory reform again, although unfortunately the administration's plan wants to make the Federal Reserve a super regulator with expanded powers.

What is more interesting to note is how the U.S. Chamber of Commerce is attacking the Consumer Financial Protection Agency. Oh yes, lord forbid if there was regulation against ripping off the general public with credit cards, mortgages, banking fees and loans. (Note the Washington post got the agency title wrong as well as miscategorizes the Say on Pay Bill).

Rep. Barney Frank (D-Mass.), the powerful chairman of the House Financial Services Committee who supports many of the administration's regulatory reform proposals, already has helped pass legislation that would rein in certain executive compensation practices. He has vowed to push through a bill creating the new consumer agency as early as this month, followed by other elements of the president's plan.

Business lobbyists have been working to bend the legislation their way -- for example, fighting the proposed Consumer Financial Products Agency, warning that another layer of government regulation would increase costs, stifle innovation and curtail choices for consumers. Few have been more vocal than the U.S. Chamber of Commerce, which recently set up a Web site, http://www.stopthecfpa.com, and has undertaken an advertising campaign to oppose the agency.

Here is COP chair Elizabeth Warren on Dylan Ratigan's show, asking the obvious question of how come financial institutions were given such a free ride whereas all other industries were not bailed out or had harsh terms (and only helped when it was pounded on them that the economic implications were a true Armageddon, if the U.S. auto industry collapsed).

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U.S Chamber of Congress lobbies for more DECEIT and FRAUD

"stifle innovation" - Our economy was in a death spiral that was CAUSED by such financial "innovations". And the U.S. Chamber of Commerce wants more of such innovations?

Ah, yes, getting a AAA rating on securities backed with sub-prime loans, credit card debt, and who knows what else - and then selling it to the unsuspecting investor (while at the same time shorting the same security) - is what the U.S. Chamber of Commerce calls innovation. I call it DECEIT and FRAUD.

BEWARE everyone when lobbyists bring out that old washed up INNOVATION argument.

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We know the answer to Elizabeth Warren question.

It is class favoritism and continued workshipping of 'neo-liberal' policies. God forbid if we help working americans and unions. In this 'neo-liberal' agenda unions/organized labor is SATIN. This blatant class favoritism.

RebelCapitalist.com - Financial Information for the Rest of Us.

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Elizabeth Warren

Watching this great lady being attacked by the US Chamber of Commerce over consumer protection is a classic for me. She gets it right every time.

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U.S. Chamber of Commerce should be tried for treason

Seriously. They lobby, heavily lobby against pretty much anything in the interest of the America people as well as the economy! It's just a few multinationals running that lobbyist group so they lobby against smaller business continually, never mind the individual, worker, consumer.

It's kind of like, the more the U.S. Chamber of Commerce lobbies against something, the more you know it's a good bill or action.

Almost a blanket, blind anti-endorsement. If they are against it, you should be for it.

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A Great Lady is Right!

I keep hoping for her to get some power in Washington. Perhaps as a super-regulator. Geithner's response that they lacked "Legal capacity" to manage? Treasury and Justice combined have no influence over these TBTF entities? Was receivership never contemplated? Dylan Ratigan used to ask (repeatedly) why AIG was allowed to write insurance they could not possibly cover. That question should not be allowed to go away now that their rich Uncle Ben has bailed them out.

Frank T.

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Frank T.

I AM CONFUSED??

In that clip, was that a clown playing Geithner or was that Geithner the Clown???

Seriously though, I would truly support a 3-woman ticket for the presidency: Elizabeth Warren for president, Meredith Whitney for VP, and Cynthia McKinney to head the combined posts of Secretary of Labor, Commerce, State and Defense.

On an even more serious note: few realize that the US Chamber of Commerce is in actuality a multinational, with subsidiaries in India, China, Venezuela, Honduras and elsewhere (their sub in India is called the Indian Business Council, in Venezuela its also called the Venezuelan Chamber of Commerce, etc.).

Whether it is the US Chamber of Commerce, the Aspen Institute, the American Enterprise Insitute, the Heritage Foundation or the two most powerfuly lobbyist groups in the nation -- the Bretton Woods Committee and the American Securitization Forum -- they should all be permanently abolished.

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ya all see this on HuffPo?

Dylan Ratigan has written pretty much a. the truth and b. a Populist manifesto on the entire financial crisis and bail out.

If you don't know who he is, he used to be on "everything's fine, don't worry, be happy" CNBC in Fast Money, doing daily stock picks, Pops & Drops after the market closed.

He abruptly left CNBC and now has his own show on MSNBC and is obviously now having a hell of a lot of pent up stuff on what he must have wanted to say on CNBC for years...

anyway, he's doing a great job and makes no bones about the financial oligarchy holding America hostage.

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