The GOP's Pathetic Attack on Elizabeth Warren
Republicans in Congress love to attack Elizabeth Warren, the White House aide overseeing the start-up of the new Consumer Financial Protection Bureau (CFPB). At a March 16 hearing, House GOPers used Warren as a "punching bag," as one columnist put it, questioning her authority as the CFPB's for-the-time-being leader and predicting the bureau's imminent demise. None of those criticisms, however, compares to the pathetic accusation leveled by Reps. Spencer Bachus (R-Ala.) and Shelley Moore Capito (R-WV) in a letter (PDF) sent to Warren on Wednesday.
Bachus and Moore Capito accuse Warren of misleading Congress about the CFPB's role in the negotiations over a proposed settlement for the mortgage servicing industry. The settlement—which has been savaged by Republicans, the Wall Street Journal's editorial page, and other conservatives—will likely demand that servicers fix their dysfunctional operations so that homeowners aren't ripped off and improperly foreclosed on, an all-too-common occurrence. Warren told Congress that the CFPB offered advice on what the settlement should contain. But in their letter, Bachus and Moore Capito say Warren's agency "did more than provide advice: it recommended the goals and provided a detailed framework for the structure of the settlement." It's a clear insinuation: you lied to us.