If you haven’t heard of Elizabeth Warren, listen up, she’s shaping the world we’re living in by creating the consumer protection standards that help to keep us (consumers) well-informed and safe. And she’s under fire from the GOP. Why?
Warren has long advocated for the creation of a new Consumer Financial Protection Bureau, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law by President Barack Obama last July. Since then she has come under strong criticism from Republicans, ostensibly for over-stepping a legal boundary by advising state attorneys. As Paul Krugman notes in the New York Times: “the accusations made no sense…. everyone knew that the real purpose of the attack on Ms. Warren was to ensure that neither she nor anyone with similar views ends up actually protecting consumers.” This is where we come in.
As financial reform and budget cuts are tossed back and forth between Democrats and Republicans we (consumers and citizens) have to keep up the heat and keep up the questioning. We need to ask who’s instituting consumer protection standards and what they look like. We need to know who defines “organic” and “natural” and why and when some information is so hard to come by (hint: there’s always a reason).
Want to read more? Here’s Paul Krugman’s original article at the New York Times.