Here’s an irony. The most significant roadblock to the enactment of the Consumer Financial Protection Agency might be the very woman who dreamed up the misbegotten idea in the first place: Elizabeth Warren.
Friends and allies say Warren would love to be the first director of a CFPA. Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, has endorsed her publicly for the job. Others won't hear of it. "If she were running a consumer agency," Sen. Judd Gregg (R-N.H.) said in a recent interview, "you've got someone running the agency who doesn't believe in a market, in my opinion." [Emph. added]
Sen. Gregg is right. Elizabeth Warren’s hostility to the financial services industry is longstanding and well-documented. Should the CFPA be enacted (heaven help us) and Warren named to head it (heaven help us again), she wouldn’t try to regulate the banks so much as try to run them into the ground. Republicans (and not a few Democrats) recognize all this, which is apparently why the CFPA is headed nowwhere fast.
Good. If the agency never sees the light of day, it won’t come a minute too soon. .