An open letter to President Barack Obama:
I am writing to ask that you nominate Dr. Elizabeth Warren as director of the newly created Consumer Financial Protection Bureau.
As chairman of the New York state Senate Consumer Protection Committee and a senator representing more than 300,000 New Yorkers, I have seen firsthand the devastating effects these challenging economic times have had on New Yorkers. These distressing financial problems are often times compounded by the fact that many consumers do not know their rights and in many cases because they have been victims of predatory credit products.
In New York, many people are still dealing with the mortgage foreclosure crisis and many residents are unaware of their rights in the mortgage-lending application process, resulting in misinformation, higher-than-expected mortgage payments and, in too many cases, foreclosure. With 1 million Americans expected to be in foreclosure this year and millions more facing mounting debt with long-term financial repercussions, it is time we appoint a CFPB director who understands and will address the burdens these families are dealing with.
I am confident Warren is the right choice to be the CFPB’s first director. Her impressive background as a professor at Harvard Law School, renowned expertise in the area of economics and appointment as chairwoman of the Congressional Oversight Panel has demonstrated that she will be a rational and indispensable advocate for American families who are struggling through these tough economic times.
Warren is the right choice for the CFPB. I hope you will act quickly to appoint her as its director.