Sen. Elizabeth WarrenElizabeth WarrenBrazile: DNC staffers got death threats after email hack Sanders and Schumer are right: Ellison for DNC chair Dean: Schumer's endorsement 'kiss of death' for Ellison MORE, chief architect of the two-year-old Consumer Financial Protection Bureau, claimed victory Wednesday in the grueling battle against congressional Republicans who, she said, sought to undermine the agency.
“This is the week we can say loudly, clearly and with confidence that the Consumer Financial Protection Bureau is here to stay,” Warren said during remarks at a Capitol Hill event hosted by the Corporation for Enterprise Development, a pro-consumer nonprofit.
The Senate’s approval of Cordray by a 66-34 vote had been held up for months, with Republicans refusing to allow a vote and demanding changes in the way the CFPB is structured and funded.
So bitter was the dispute over the confirmation of Cordray and other presidential nominees that Senate Majority Leader Harry ReidHarry ReidSanders and Schumer are right: Ellison for DNC chair The Hill's 12:30 Report Hopes rise for law to expand access to experimental drugs MORE (D-Nev.) threatened to use the so-called “nuclear option” to change the chamber’s voting rules to allow a vote.
Throughout the fight, Warren said, the financial sector pressed relentlessly against the agency, which was created by the Dodd-Frank Wall Street reform bill in response to the 2008 economic crisis.
“Every day, Wall Street lobbyists plotted against the agency, with congressional Republicans, to kill the consumer agency before it could do its work,” Warren said.
“They wanted to destroy its independence and cut off its funding,” she continued. “They wanted to suffocate the baby in the crib.”