The Republican-initiated senate banking committee hearing was called yesterday in order for the GOP to bolster their position to repeal Dodd-Frank – the Wall Street reform act passed by the Obama administration in 2010. The GOP hates Dodd-Frank and specifically the Consumer Financial Protection Bureau (CFPB,) an Elizabeth Warren creation that consolidated multiple organizations, and clarified/enhanced consumer protection in the financial realm. The GOP claims that the operating costs of the law out-weigh its benefits.
But the republicans deregulation parade was unceremonsiously halted by Senator Warren when she began throwing some high heat at the Federal Reserve’s former Director of Consumer and Community Affairs, Leonard Chanin. The exchange lasts over seven minutes; Warren is pointed, direct and savage in her meticulous dismantling of one of the key figures in the subprime mortgage crisis. It’s a 100 mile-an-hour fact barrage that leaves Chanin looking like a whimpering, answer-less shill.