At the Senate Banking Committee hearing on Tuesday, titled “Assessing the Effects of Consumer Finance Regulations,” Senator Elizabeth Warren (D-MA) took a former Federal Reserve deputy director to the woodshed on his role in the run-up to the 2008 fiscal crisis. The Republicans’ lead witness Leonard Chanin, former Deputy Director of the Division of Consumer and Community Affairs at the Federal Reserve Board, had refused to regulate the subprime lending that caused the crisis. Chanin was there to testify against the forth coming report on baking regulations from the Consumer Financial Protection Bureau (CFPB) that it is set to present on Thursday. He was red meat for Senator Doctor Warren who helped create the CFPB.
Ouch.
Sen. Warren is the reason Democrats need to take back the Senate in November. She should be the chair of the Banking Committee to make sure we don’t have a repeat of 2008.