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Elizabeth Warren's Summer Grilling

By Gary Rivlin

Summer is the season of reruns, so that anyone tuning in this morning to watch the final appearance of Elizabeth Warren on Capitol Hill can be forgiven for thinking they've seen this show before.

It Sat Warren only one witness table the same as it had in March and again in May - trying to keep his cool as a battery of Republican congressmen peppered with hostile questions him on the Bureau of Consumer Protection of financial news, it sets up. There was a repetition in the dialogue as well.The accusations of the Republicans hammered in March (basically it has exceeded the limits of its authority) were the same ones they use as their excuse to carry his new before Congress in May And these same charges was the leitmotif of today's hearing before the Committee on monitoring and reform of government.

Today's hearing must have left viewers scratching their heads collectively, wondering what the whole show was really about.Congressman Mike Quigley, a Democrat from Illinois, seemed to be stating the obvious when he says: "With all due respect, I fear that this hearing is focused on the issues to distract from the obvious task at hand : help Professor Warren and others in an attempt to avoid another economic catastrophe caused largely by the unregulated greed. "

The Financial Consumer Protection Office (CFPB), which goes live next week, was created by Dodd-Frank, the comprehensive financial package Barack Obama signed into law last July.It was Warren, Harvard law professor specializing in bankruptcy laws, which first gave the President the idea of ​​this agency to protect consumers against deceptive and abusive financial products, and it was Warren who chose Obama when seeking someone to turn his idea into reality. Warren is currently a temporary custodian of the agency until President Obama appoints and the Senate confirms, a director.

House Financial Services Committee was the first to order Warren to Capitol Hill to answer questions about the agency, it was created.In fact, this hearing, held by one of its subcommittees in March, added a little more than one occasion two years and a half hour for the Republicans to intimidate and Warren do the bidding of the banks and marginal lenders who have given generously to their campaigns. [? Link to my "Billion Dollar Bank" song] But at least the appearance of Warren's theory made sense: House Financial Services is responsible for overseeing the financial reform, and House Financial Services was the first bill introduced to establish the CFPB (although when it was run by Democrats).