The outcome “will show whether we are going to let the industry continue to write the rules — to keep the cops off the beat — or whether the financial crisis actually changed something.”
Senate Banking Committee Chairman Christopher Dodd (D-Conn.) is said to be considering dropping the proposed independent agency from the Senate’s financial reform bill.
But Warren isn’t giving up. “We have all worked hard to make the CFPA into a reality, and the next few weeks will determine whether our hard work will make a difference for families or whether families will lose once again,” the Harvard Law professor and advocate for the middle class wrote. “The next few weeks will determine whether families will have to play by rules written by the banks and for the banks — rules that let the industry get away with anything. In my view, we cannot let families lose again.”