Editorials | Obama blinked and a consumer champion lost | Seattle Times Newspaper

Editorials | Obama blinked and a consumer champion lost | Seattle Times Newspaper.

Take note: If you are designated as the official responsible for watching out for consumer interests, doing your job too well may result in you being shown the door.  Elizabeth Warren was a warrior for consumer rights and reform of predatory practices.  Many of these practices resulted in catastrophic financial downfall for…well…everyone.

However, many folks with great political influence recovered to a large extent.  This left them terrified that the further anything was regulated from the status quo, the more they stand to lose.  So, it became clear that Elizabeth Warren’s efforts to protect consumers were threatening, so threatening that any future appointment was unfathomable to many Republicans on Capitol Hill.

This is not to say that Richard Cordray, who was selected by President Obama to head the Consumer Financial Protection Bureau, will not spearhead initiatives geared toward the same or similar reform as that eyed by Elizabeth Warren.  Rather, it is to lament that such a staunch advocate of the people was so readily sacrificed before many her well-considered initiatives had much chance to take flight.

We can all hope that there are no wolves watching over the hen-house, so to speak, but as always, the consumer’s number one line of defense is the consumer’s own vigilance.  Time will tell how effective the Consumer Financial Protection Bureau will ultimately be.