Is Elizabeth Warren a “commie dictator”? The GOP debate took an interesting turn when a political video ad portrayed her like a leader of the former Soviet Union. The ad specifically went after Warren’s history with the Consumer Financial Protection Bureau (CFPB), claiming that the regulatory agency interfere with Americans’ “personal financial decisions.”
In a related report by the Inquisitr, Elizabeth Warren defended the Black Lives Matter movement and Planned Parenthood earlier this fall.
The political attack ad was aired multiple times during the recent Republican debates. American Action Network paid half a million dollars in order to show how the robot-like federal employees of the CFPB might be denying loans at a record pace.
“They call it CFPB, Washington’s latest regulatory agency, designed to interfere with your personal financial decisions,” a voice says during the ad. “Washington, D.C. controlling your decisions. Limiting your opportunity. Tell Congress to stop the CFPB now, before they deny you.”
The reason that Elizabeth Warren’s “commie dictator” portrayal became controversial is because of the two faces in giant red banners set at the back of the room. One features the face of the United States senator while the other shows current CFPB director Richard Cordray. Due to the heavy Soviet Union overtones, Warren commented on the ad from her Twitter account.
So… Can we talk about that ad that just ran during the #GOPDebate where I look like a Commie dictator?
— Elizabeth Warren (@elizabethforma) November 11, 2015
The reason that the ad portrayed Elizabeth Warren as a commie dictator is due to her history with the Consumer Financial Protection Bureau. The new agency was created in 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Warren was the first appointee of President Barack Obama as an adviser to the Bureau.
FortuneMagazine: RT MONEY: Elizabeth Warren’s next fight is against greedy financial advisers … pic.twitter.com/MbZKamir4V
— Slantpoint® Now (@slantpointnow) November 2, 2015
The CFPB gained enforcement authority beginning on July 21, 2011. The stated goal is to regulate consumer financial products and services in compliance with federal law. The basic premise is that the CFPB could potentially help prevent another Great Recession by investigating companies which offer credit cards, mortgages, and student loans.
Obviously, Wall Street, bankers, and big businesses are not a fan of the CFPB. Republicans have also offered a lot of criticism in the past. For example, House Financial Services Committee Chairman Jeb Hensarling once said, “The CFPB undoubtedly remains the single most powerful and least accountable federal agency in all of Washington.” According to the Los Angeles Times, Senator Ted Cruz says the CFPB needs to be abolished since it’s “a runaway agency” that “does little to protect consumers.”
A writer for Bloomberg also claimed the critics of the CFPB are right at least in regard to one issue.
“When Dodd-Frank was being debated in Congress, critics warned that the CFPB would have little accountability and would therefore be inclined to overreach. On [the issue of discrimination and car dealerships], the agency seems determined to prove that fear right.”
Although the attack ad portrayed Elizabeth Warren as a commie dictator, she believes the CFPB is helping the average person, not dragging them down like the Soviet Union.
“Wall Street has a problem: They know the CFPB is working, and it’s incredibly popular with the families it helps,” Warren claimed on Twitter. “The CFPB has forced the big financial companies to return more than $11 billion to people they cheated on credit cards, mortgages. Thousands of dollars on a TV ad is nothing compared to the money the big banks save if their GOP buddies go after the CFPB. Wall Street knows if they soften CFPB support, the GOP will feel better undercutting the agency in closed-door deals. So here’s my message to Wall Street & their GOP buddies: we’re ready to fight back to protect the CFPB.”
What do you think?
[Image via American Action Network/YouTube]