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New Warren ad touts Obama's 2010 praise for consumer bureau

New Warren ad touts Obama's 2010 praise for consumer bureau
© Greg Nash

Sen. Elizabeth WarrenElizabeth WarrenThe Memo: Outrage rises among liberals over Israel The Hill's Morning Report - Presented by Facebook - Infrastructure, Cheney ouster on deck as Congress returns Warren says she'll run for reelection to Senate MORE (D-Mass.), a 2020 White House hopeful, released a campaign ad on Wednesday highlighting former President Obama’s praise for her work designing a polarizing consumer watchdog agency.

The 45-second digital ad features 2010 remarks from Obama touting Warren’s working-class background and successful creation of the Consumer Financial Protection Bureau (CFPB).

Warren first laid the framework for the CFPB in a 2008 paper calling for a federal agency to regulate consumer financial products including credit cards, mortgages and auto loans for fraudulent and abusive terms. As an adviser to Obama, Warren successfully pushed for the creation of the CFPB in the 2010 Dodd-Frank Wall Street reform law.

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Portions of Obama’s remarks from a September 2010 press conference with Warren announcing the creation of the CFPB are featured in the campaign ad released Wednesday. 

Obama praises Warren as a “janitor’s daughter who has become one of the country’s fiercest advocates for the middle class” who helped create “a new independent agency standing up for consumers and middle-class families.”

“She’s done it while facing some very tough opposition,” Obama says in another clip. “Fortunately, she’s very tough.”

Obama has declined to weigh in on the 2020 primary or endorse a candidate as Warren and other Democrats seek to tie themselves to his legacy and popularity. The senator has frequently touted her work shaping Obama’s response to the 2008 financial crisis, which endeared her to progressives while irking moderates and Republicans.

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"People told me the CFPB could never happen, but it did. I was proud to fight alongside President Barack ObamaBarack Hussein ObamaYoung, diverse voters fueled Biden victory over Trump Biden's relationship with top House Republican is frosty The Memo: The Obamas unbound, on race MORE for middle-class families. I know how to fight—and I know how to win," Warren wrote in a Facebook post accompanying the ad.

In a presidential primary debate last October, Warren and former Vice President Joe BidenJoe BidenCaitlyn Jenner says election was not 'stolen,' calls Biden 'our president' Manchin, Biden huddle amid talk of breaking up T package Overnight Energy: 5 takeaways from the Colonial Pipeline attack | Colonial aims to 'substantially' restore pipeline operations by end of week | Three questions about Biden's conservation goals MORE even squabbled over who should claim credit for creating the CFPB.

“I went on the floor and got you votes,” Biden said to Warren after she touted her work establishing the bureau.

Warren responded that she was “deeply grateful to President Obama, who fought so hard to make sure that agency was passed into law, and I am deeply grateful to every single person who fought for it and who helped pass it into law.”

Warren’s choice to highlight the CFPB in the new ad also reflects her recent bid to pitch herself as a unifying Democratic presidential candidate while still pulling the party to the left.  

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After Senate Republicans blocked Warren’s potential appointment to be CFPB director in 2010, she won a 2012 Senate race to replace former Sen. Scott Brown (R-Mass.). Warren sparred with the Obama administration throughout her first Senate term over several of the president’s financial regulatory appointees and implementation of Dodd-Frank regulations. 

The CFPB itself has also been fiercely polarizing since its creation. Republicans and financial sector advocates raged as former Director Richard CordrayRichard Adams CordrayOn The Money: McConnell rules out GOP support for Biden families plan | How COVID-19 relief bills may affect your taxes | Is the US heading for a housing bubble? Biden taps ex-consumer bureau chief to oversee student loans Senate Democrats take aim at 'true lender' interest rate rule MORE (D) issued sweeping regulations and sought steep penalties meant to crack down on predatory lending and consumer abuse. 

But when Cordray’s 2017 resignation gave President TrumpDonald TrumpCaitlyn Jenner says election was not 'stolen,' calls Biden 'our president' Overnight Health Care: FDA authorizes Pfizer vaccine for adolescents | Biden administration reverses limits on LGBTQ health protections Overnight Defense: US fires 30 warning shots at Iranian boats | Kabul attack heightens fears of Afghan women's fates | Democratic Party leaders push Biden on rejoining Iran deal MORE an opening to curb the CFPB from within, the president dispatched now-acting White House chief of staff Mick MulvaneyMick MulvaneyHeadhunters having hard time finding jobs for former Trump officials: report Trump holdovers are denying Social Security benefits to the hardest working Americans Mulvaney calls Trump's comments on Capitol riot 'manifestly false' MORE to lead the internal weakening of the agency. 

The Trump administration and current CFPB Director Kathy Kraninger have supported a legal challenge to the agency that would strip Kraninger of her immense powers and potentially shut down the bureau. The Supreme Court is scheduled to hear arguments in the lawsuit, Seila Law vs. CFPB, in March.