God, this woman gives me shivers. I've never read about such a brilliant person, outside of fiction, in my life. Jesus, she should be President!
Elizabeth Warren is the only voice of sanity and reason in Washington today. No DCspeak, no doublethink or dancing around the issue, she puts it right down in plain fucking English. She met with the Financial Services Roundtable, a trade lobby representing banks like JPMorgan Chase and Bank of America, for a luncheon on Wednesday.
The first major speech since her appointment as Assistant to the President and Special Advisor to Treasury, she picks a hostile environment. Right out of the gate she leaps into the lion's den!
Firedoglake's David Dayen plays it out for us in a post today.
She offered a vision of an agency that would not only write new rules for the entire industry, but consolidate and even eliminate existing ones. But instead of an approach based on individual rules (though she vowed to prohibit unfair practices and increase disclosure to the consumer), Warren highlighted an approach based on principles, a vision for how financial services regulation should work. This principles-based approach is actually something the Financial Services Roundtable proposed back in 2007, though I doubt they envision it the same way as Warren.
Here’s how she described it. “Instead of creating a regulatory thicket of ‘thou shalt nots,’” she said, “and instead of using ever more complex disclosures that drive up costs for lenders and provide little help for consumers, let’s measure our success with simple questions. Your first principle is ‘Fair treatment for consumers.’ I’ll paraphrase your explanation of how to tell if that principle has been met: Can customers understand the product, figure out the costs and risks, and compare products in the marketplace? Regulators should be aiming toward the goals you laid out.”
Warren used the example of a credit card agreement. Customers, she said, “should be able to understand the deal, assess the costs and risks, and compare one card to another.” She valued short agreements with basic, easy-to-understand information contained therein, like the interest rate, the penalty terms and any reward offers, that could be read and comprehended in about four minutes.
Any person who can't see how great this lady is should be cast out on an ice floe.
So Mote It Be,
David A.
