(Washington,
D.C.) – Today, U.S. Senator Patty Murray (D-WA) released the following
statement on the announcement that Elizabeth Warren has been appointed to help
set up the new Consumer Financial Protection Bureau. Senator Murray worked to
make sure that this new agency was included
in the Wall Street Reform law that was signed into law in July.
“I
am very pleased that Elizabeth Warren has been chosen to help set up the new Consumer
Financial Protection Bureau that will help protect families, seniors, and small
business owners from the financial fraud and scams that have devastated so many
over the last few years. Creation of the Bureau was one of the most
fundamentally important pieces of Wall Street Reform and getting it up and
running must be a top priority.
“I
feel very strongly that families in my home state of Washington deserve to be
protected from toxic financial products the same way they deserve to be
protected from tainted toys or unsafe food.
“I
have heard from so many families and small business owners across Washington
state who fell victim to big banks that put profits above principle. I heard
from families who lost their homes because they took out mortgages that were
misrepresented to them and should never have been offered. I heard from seniors
who had to go back to work after falling prey to schemes and fraud that
depleted the nest egg that they worked so hard for and thought was
secure. And I told them that I would do everything I could to make sure
that this could never happen to them again.
“I
have spoken with Elizabeth and I am confident that she understands that we need
to put financial security for our families above profits for Wall Street and big
banks.
“While
this is a strong step in the right direction, I believe that families across
the country will be best served if this new agency had strong, consistent, and
long-term leadership. While I understand that some are concerned about
procedural hurdles and filibusters with regard to a nominee for this position,
I’m more worried about ensuring the safety and security of Washington state
consumers. That’s why I hope that following her work to stand this
Bureau up, Elizabeth Warren will be nominated to run it.”
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