If you didn't get your fill of fireworks on July 4, then be sure to tune in to a Capitol Hill fireworks display set for July 14. That's when Elizabeth Warren returns to Capitol Hill to defend her Consumer Financial Protection Bureau (CFPB) in front of the House Oversight and Government Reform Committee.
A little more than month ago, Warren encountered a tough interrogation by committee member Rep. Patrick McHenry, R-N.C., when the congressman accused Warren of misleading the committee. The contentious hearing turned nasty when the two got into an argument about Warren's schedule.
Thursday's hearing promises to pick up where the May 24 session left off. In scheduling Warren for Thursday, the committee's chairman, Rep. Darrell Issa, R-Calif., requested that Warren clear her "schedule for the full day of the hearing." The hearing is currently scheduled from 9:30 to 11:30.
The CFPB is charged with protecting consumers from abusive and misleading financial practices. Some members of Congress, such as Issa, worry that the CFPB has too much power and could stifle financial businesses.
Indeed, in Issa's letter to Warren, the congressman quoted one of the May 24 witnesses, Professor Todd Zywicki: "If not subject to effective congressional oversight, the massive, vaguely defined powers and expansive reach of the new consumer credit 'super regulator' could prove and economy killer, producing still-higher credit costs for consumers, and accelerating regulator pressures that drive consumers out of the mainstream financial system and into the alternative, high-cost financial sector."
Professor Zywicki has also concluded, "If you were to get out a textbook of how to create a dysfunctional agency designed to capture and implement every single pathology of a Washington bureaucracy that has been studied and identified over the past twenty years, you would design the Consumer Financial Protection Bureau."
So, what will happen this Thursday? You can be sure to see passionate debate from defenders and skeptics of the CFPB. You can also be sure that Sunlight Live will be there every step of the way, providing real-time analysis, data, context and commentary, to help you better understand the background and influence of everyone involved.
So tune in to sunlightlive.com this Thursday at 9:30 for the mid-July fireworks show.