Urge Sen. Schumer to Advocate for Elizabeth Warren's Seat on Sen. Committee

Senator Chuck Schumer:

We are writing to urge you to appoint Senator Elect Elizabeth Warren (D-MA) to one of the open seats on the Senate Committee on Banking, Housing and Urban Affairs in January. As high school students of New York City, our futures are at stake. Without Warren’s commitment to protect and fight for the financial interests of young American consumers, we will be at risk for decades of financial hardships at the whim of large banks, not held accountable and mismanaged, prone to exploitative practices and full of predatory lenders. Ms. Warren, who has shown resolve in never straying away from her objective, even when big banks swept her out of an executive role on the Consumer Financial Protection Bureau, deserves a spot on this committee.


Warren is eligible to serve on the Committee for Banking, Housing and Urban Affairs. Since two Democratic members are retiring, Herb Kohl of Wisconsin and Daniel Akaka of Hawaii, the seats should be filled by Democrats anyway. This committee, one of the twenty in the Senate, oversees crucial economical development that will affect our lives in the years to come, like the Wall Street reform bills to prevent a crash similar to 2008. Warren is well versed in economic policy, having written The Two Income Trap and The Fragile Middle Class, and was a professor at Harvard University. As the committee further examines Fannie and Freddie, the Volcker Rule, and Dodd Frank Reform, Sen.-elect Warren has proven that she is capable of tackling these kind of issues thoroughly.


Ms. Warren also complements the legislative talent already on the committee, as she, as Sen. Jack Reed (D-RI) notes, “would not be susceptible to strong lobbying efforts from the financial services industry.” She also established the Consumer Financial Protection Bureau, which protects the rights of the middle and lower classes against large banks. She advocates for consumer education in regards to personal finance, protecting American citizens from obtaining risky loans and being cheated on by indirect contracts. In addition, she has advanced the battle against the big bank mentality that all risks can be taken because there are always those on Washington ready and willing to bring banks back to life.  

Now is the time to appoint Sen.-elect Warren, and Democratic leadership needs to acknowledge that. As the Dodd-Frank bill is analyzed and pared down, Elizabeth Warren, who played an integral part in its creation, is the best person to have around. Moreover, Warren’s ideas are anything but radical, and more fundamental. A knowledgeable consumer base is at the heart of any fruitful economic field. Even conservative figures, such as Neil Barofsky, TARP’s former special inspector general, share many of her viewpoints. Last but not least, Warren would be the only woman serving on the Committee, now one-hundred percent male.

Sen.-elect Warren is the right choice for young Americans because she has been fighting for them her entire career. Before many of us were born, Warren was testifying before Congress on the right of Americans to file for bankruptcy. She sought to protect those facing enormous amounts of debt, as many do sometime in their lives, by keeping open avenues for most any consumers looking to file for bankruptcy and start anew. With the Congressional Oversight Committee, Warren persistently scrutinized the operations of banks across the nation, never letting one get out of the committee’s sight. Although this is not a common freshman assignment, Warren, although never becoming part of it, has experience in Washington, having steered forward the $700 billion bank bailout in 2009.
Senator Chuck Schumer:

We are writing to urge you to appoint Senator Elect Elizabeth Warren (D-MA) to one of the open seats on the Senate Committee on Banking, Housing and Urban Affairs in January. As high school students of New York City, our futures are at stake. Without Warren’s commitment to protect and fight for the financial interests of young American consumers, we will be at risk for decades of financial hardships at the whim of large banks, not held accountable and mismanaged, prone to exploitative practices and full of predatory lenders. Ms. Warren, who has shown resolve in never straying away from her objective, even when big banks swept her out of an executive role on the Consumer Financial Protection Bureau, deserves a spot on this committee.



Warren is eligible to serve on the Committee for Banking, Housing and Urban Affairs. Since two Democratic members are retiring, Herb Kohl of Wisconsin and Daniel Akaka of Hawaii, the seats should be filled by Democrats anyway. This committee, one of the twenty in the Senate, oversees crucial economical development that will affect our lives in the years to come, like the Wall Street reform bills to prevent a crash similar to 2008. Warren is well versed in economic policy, having written The Two Income Trap and The Fragile Middle Class, and was a professor at Harvard University. As the committee further examines Fannie and Freddie, the Volcker Rule, and Dodd Frank Reform, Sen.-elect Warren has proven that she is capable of tackling these kind of issues thoroughly.



Ms. Warren also complements the legislative talent already on the committee, as she, as Sen. Jack Reed (D-RI) notes, “would not be susceptible to strong lobbying efforts from the financial services industry.” She also established the Consumer Financial Protection Bureau, which protects the rights of the middle and lower classes against large banks. She advocates for consumer education in regards to personal finance, protecting American citizens from obtaining risky loans and being cheated on by indirect contracts. In addition, she has advanced the battle against the big bank mentality that all risks can be taken because there are always those on Washington ready and willing to bring banks back to life.  



Now is the time to appoint Sen.-elect Warren, and Democratic leadership needs to acknowledge that. As the Dodd-Frank bill is analyzed and pared down, Elizabeth Warren, who played an integral part in its creation, is the best person to have around. Moreover, Warren’s ideas are anything but radical, and more fundamental. A knowledgeable consumer base is at the heart of any fruitful economic field. Even conservative figures, such as Neil Barofsky, TARP’s former special inspector general, share many of her viewpoints. Last but not least, Warren would be the only woman serving on the Committee, now one-hundred percent male.



Sen.-elect Warren is the right choice for young Americans because she has been fighting for them her entire career. Before many of us were born, Warren was testifying before Congress on the right of Americans to file for bankruptcy. She sought to protect those facing enormous amounts of debt, as many do sometime in their lives, by keeping open avenues for most any consumers looking to file for bankruptcy and start anew. With the Congressional Oversight Committee, Warren persistently scrutinized the operations of banks across the nation, never letting one get out of the committee’s sight. Although this is not a common freshman assignment, Warren, although never becoming part of it, has experience in Washington, having steered forward the $700 billion bank bailout in 2009.
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