Professor Warren has continued to evade questions about the types of financial products that the CFPB would ban or restrict. Businesses and investors are sitting on the sidelines due to economic uncertainty. Professor Warren’s evasive non-answers only further contribute to this climate of tepid investment and slow job growth. I fear that actions by the CFPB that limit access to credit and increase its cost will only further damage a struggling economy.
Warren appeared before the House Oversight Committee today, where Chairman Darrell Issa (R-CA) and the rest of the GOP followed through on their plan to grill Warren out of fear that she will “bully” the banks. The GOP whipped itself into a tizzy over Warren’s previous appearance on Capitol Hill, when a misunderstanding over the amount of time Warren would testify led to McHenry berating Warren. And McHenry is not the only one who feels that Warren could be personally preventing businesses from hiring:
REP. PAUL GOSAR (R-AZ): The last job numbers I saw are just plummeting, and part of that is the uncertainty we’re creating in here. And to have one individual truly heading an agency, dictating that there won’t be a product, creates some uncertainty into the markets. And so you can see, understand, where I mean as a businessmen, doesn’t like that.
Since the idea for bureau was first floated, the GOP have done all they can to obstruct its creation. Now that it is on the verge of officially launching on July 21, they are trying to render it toothless by refusing to fund it, looking to change its structure to make it more bank-friendly, and ultimately preventing President Obama from appointing anyone to head it. But House Republicans are taking this crusade to the height of absurdity, blaming the nation’s slow rate of job growth on an agency that has not officially launched yet and an individual’s answers to questions during a congressional hearing.