America has a new Consumer Financial Protection Bureau (CFPB), thanks to the Dodd-Frank reforms.
The CFPB is a bit like the FBI, but focused upon money.
Who could possibly run the CFPB?
They would need to be an Eliot Ness Untouchable sort of person.
A big swinging heavyweight, who can shoot the baddies of the financial world where it hurts.
Like a Bunfight at the Wall Street Corral, this meanass mother will throw their weight around the bankers’ town, looking for evil wherever it lurks and making merry mirth in a shoot ‘em up and sort them out suckerfest.
Who could handle such a challenging task?
Who can be our Pat Garrett for the 21st century wild west of wall street?
Well ... it turns out it’s a woman.
A woman called Elizabeth Warren, if the Huffington Post gets their way.
Who is Elizabeth Warren?
She’s a professor of law at Harvard and an attorney, who was appointed to manage the Troubled Assets Relief Program (TARP). She’s also been the most outspoken advocate for the creation of the CFPB, so she should run it, shouldn’t she?
Along with Mary Schapiro (SEC) and Sheila Bair (FDIC), Warren is now one of the three Sheriffs of Wall Street creating the new financial landscape for the US of A.
She’s also pretty cool too, according to rap group the Main Street Brigade:
A few of the lyrics from their rap:
Sheriff Warren is what we need, yo, and we plead, yo.
She's not about the money, money, money and the green-o.
She's about working class families
And bringing 'em out of financial crisis and tragedies. ...
She wants to expose the banks and all the greed
and get rid of unnecessary fees
Which means more money in my pocket ...
Got, got a new sheriff - Warren.
Got, got a new sheriff - Elizabeth.
Got, got a new sheriff - Warren. Elizabeth Warren.
Love it and, oh yes, God Bless America (and Tom Groenfeldt for the headsup).
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...