One year after the U.S. Consumer Financial Protection Bureau began operating as an independent agency, Director Richard Cordray says it has achieved one of its chief goals: getting Wall Street to pay attention.
Supporters of Harvard law professor Elizabeth Warren to lead the new consumer financial bureau have picked up endorsements from lawmakers, political websites and newspaper editorials. Their success may depend on whether a quieter campaign Warren has been waging can win over detractors.
Wall Street is preparing for a Republican surge in Congress that could help it block proposed taxes on banks and investments, blunt new financial regulations and regain some of the lobbying firepower it lost during the financial crisis.
President Barack Obama’s nominees for key positions at the Federal Reserve, Federal Deposit Insurance Corp. and Comptroller of the Currency are at risk of becoming collateral damage in an escalating fight between Senate Democrats and Republicans.
Elizabeth Warren , the Harvard University professor credited with conceiving the consumer financial-protection regulator, said the agency included in the Wall Street rules overhaul will have “a lot of teeth.”
Of all the new rules for Wall Street being considered by Congress, few have the potential impact of a derivatives plan that emerged from nowhere and, to the surprise of its authors, has so far survived the debate.