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Joan McCarter
Sen. Elizabeth Warren (D-MA) does it again. She's a one-woman watchdog for consumer rights and for fighting Republican bullshit. On Tuesday, it was a hearing in the Banking Committee about why Dodd-Frank Wall Street reforms, including the Consumer Financial Protection Bureau, needed to be rolled back because making mortgages and credit cards save for consumers is too costly for the banks. The big mistake they made? Having Leonard Chanin as a witness. Before the economic meltdown of 2008, Chanin helped lead the Federal Reserve division that refused to regulate deceptive mortgages, including subprime lending.
Mr. Chanin, as Sen. Brown mentioned from 2005 to 2011 you held top positions in the Federal Reserve's division of consumer and community affairs, and in those positions you had both the legal authority and the legal responsibility to regulate deceptive mortgages, including dangerous subprime lending that sparked the 2008 financial crisis. But you didn't do it, despite years of calls and even begging from consumer advocates and others asking you to act. Instead, you did essentially nothing.Now, your failure had devastating consequences. […] According to the Dallas Fed, that crisis cost the American economy an estimated $14 trillion. It cost millions of families their homes, their jobs, their savings. It devastated communities across America.So when you talk now about how certain regulations are too costly or too difficult to comply with, you sound a lot like you did before the 2008 crisis when you failed to act. So my question is, given your track record at the Fed, why should anyone take you seriously now.
Not at all shockingly, Chanin didn't have a good answer for her. He didn't have any answer for her. You can watch the whole grilling Warren gave Chanin below the fold.
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