Re: "White House Backs Itself into a Corner Letting CFPB Remain Leaderless" [Aug. 27]

After finding Elizabeth Warren's idea for a Consumer Financial Protection Agency sufficiently important to use as a campaign promise and a frequent theme in supporting financial reform over the past two years, the president's delay in nominating Warren to head up the agency now that the agency has been legislated into existence is puzzling. Naming anyone else would seem to be a major insult to the author of the concept and fail to be the type of change the president made the hallmark of his campaign.

The vocal criticism of Professor Warren by the financial services industry lobby would appear to be one of the strongest indicators that she is exactly the right person for the job.

And while the existing federal financial regulators continue to coddle banks and investment companies, Warren is consumers' only hope of ever getting a fair deal from these businesses whose anticonsumer lending practices precipitated the worst economic disaster in the country since the Great Depression and required federal legislation to outlaw such abusive practices as overdrafts and capricious credit card charges.

James Wells, President
Wellspring Consulting
Fort Lauderdale, Florida

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.