In 2008, Senate Majority Leader Harry Reid (D-NV) asked Harvard Law Professor Elizabeth Warren (D-MA) to lead the Congressional Oversight Panel to monitor the Troubled Assets Relief Program. As a legal scholar who specialized in Bankruptcy Law, and has always been cognizant in the various economic issues of the day, she was particularly positioned to step-in and lead. TARP was the program that President George W. Bush established in 2008 to bail-out the Banks, which were considered “Too Big to Fail”.
Warren eventually contributed much of the intellectual direction that went into the Dodd-Frank Act, which was designed to prevent a reoccurrence of the Global Recession (4Q07-1Q09). The Consumer Finance Protection Bureau, which was her brainchild, is a part of Dodd-Frank. President Barack Obama had wanted to appoint Elizabeth Warren as its first Director; however, luckily for the Country, Senate Republicans were afraid to confirm that appointment. They did, however, later regret that opposition!
In 2012, Elizabeth Warren was elected as the Junior Senator from Massachusetts, defeating Republican Incumbent Scott Brown, whose re-election campaign was very heavily financed by Wall Street. Apparently, it didn’t take Senator Reid very long at all to appoint Warren to the Senate Banking Committee, which overseas the American Financial Services Industry. Poetic justice, I presume!
There has recently been quite a groundswell of Americans who have been trying to encourage Warren to run for President in 2016. Others, however, claim that she is just an opportunist in championing the financial needs of the lower and middle class. But, that’s where she came from. She grew up in a Family where her single Mom had to weigh the financial resources on most major decisions–to include doctor’s visits.
Senator Warren has repeatedly declared that she has no interest in running for President. Early on in her legal career, she had investigated why so many individuals file for bankruptcy, only to realize that it was due to overwhelming medical bills. She seems to reach back into her own upbringing in defining what her focus is, on areas that interest her, such as financial regulation, Social Security and student loans. And, she lets others lead the charge on issues such as: abortion; foreign affairs and climate change.
Harry Reid created a special policy issues position in his leadership team for her and, at the first meeting following the recent midterm elections, he passed-out copies of the linked Op-Ed that she wrote, from the Washington Post: http://www.washingtonpost.com/opinions/elizabeth-warren-its-time-to-work-on-americas-agenda/2014/11/07/984da7b6-669c-11e4-9fdc-d43b053ecb4d_story.html.
Senator Elizabeth Warren seems to have an uncanny ability to digest very complex issues and explain them in comprehensible terms. Her Op-Ed points-out that, as the two Houses of Congress change hands every so often, the new majority always provides new proclamations and outlines how they are going to make things better. As she notes, however, the stock market and the economy continue to increase; but, the American Family keeps getting squeezed. And guess what: when the Nation’s important financial decisions are to be made, the same Wall Street bankers are always seated at the table, as well. But, who’s looking out for Main Street America?