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to begin with. >> this is an idea i've worked on for a long time, and i can tell you why in five blunt words. the credit market is broken. the broken credit market caused the current crisis, is perpetuating the crisis, and will cause more crises in the future. unless we fix it. >> it was not to be, however. thanks largely to a republican temper tantrum and elizabeth warren's decision to pursue another line of work. joining me now to discuss today's news, as well as her proposal for new ways to rein in wall street is senator elizabeth warren, democrat from massachusetts, and senator, first i want to have you explain to me the following. richard cordray has been running this bureau. it's been up for two years since dodd/frank was passed. tomorrow he's going to go run the bureau again. what changes from yesterday to tomorrow in the fact that he is now officially confirmed to head this position? >> well, today, tomorrow, what we know for sure is now this agency is here to stay.
>> this is the one piece of unquestioned good news in dodd/frank. it was elizabeth warren's brain child. she, of course, was chaperoning it through. should have been the first leader. the banks opposed her so vigorously they basically got the white house to cave. sometimes things ricochet in a good way. we have her and richard cordray. this is a dynamic duo. both powerful, clearest, 00:40:51:sharp est minds out there on these issues. >> you're running for new york city comptroller. >> right. you have an opponent named scott stringer, manhattan bureau president here. he was running unopposed until you got into this race. new york city has a public financing system, he opted into the public financing system. you have opted out. he is now saying you should release your tax returns. you've released a summary version. he wants to see all of them. the argument, i don't think it's an implausible one, yours is the
fought battle has been resolved sort of shockingly in democrats' favor. simply by agreeing not to blow up senate filibuster rules today, harry reid convinced senate republicans to stop blocking a number of key white house nominees. perhaps the biggest, clearest democratic victory and frankly victory for american citizens. that biggest victory out of the deal for the first time there is now an officially confirmed director of the consumer financial protection bureau. new watchdog agency created under the dodd/frank financial reform bill, signed to law three years ago in which republicans have been trying to dismantle ever since. joining me to talk about what this means for american consumers in the fight over financial reform and talk about other stuff going on in his life right now, former governor of new york, democrat eliot spitzer, running for office of new york city comptroller. a new book called "protecting capitalism: case by case." >> thank you for having me. >> you've been writing a lot about the ways in which dodd/frank fall short. the cfpb, this development today, what is it? >> this is the one piece of unquestioned good news in
big news out of washington today. a long-running and fiercely fought battle has been resolved sort of shockingly in democrats' favor. simply by agreeing not to blow up senate filibuster rules today, harry reid convinced senate republicans to stop blocking a number of key white house nominees. perhaps the biggest, clearest democratic victory and frankly victory for american citizens. that biggest victory out of the deal for the first time there is now an officially confirmed director of the consumer financial protection bureau. new watchdog agency created under the dodd/frank financial reform bill, signed to law three years ago in which republicans have been trying to dismantle ever since. joining me to talk about ha this means for american consumers in the fight over financial reform and talk about other stuff going on in his life right now, former governor of new york, democrat eliot spitzer, running for office of new york city comptroller. a new book called "protecting capitalism: case by case." >> thank you for having me. >> you've been writing a lot
dodd/frank was passed. tomorrow he's going to go run the bureau again. what changes from yesterday to tomorrow in the fact that he is now officially confirmed to head this position? >> well, today, tomorrow, what we know for sure is now this agency is here to stay. no more clouds over what it is legally entitled to do, no more attacks that say maybe we're going to be able to undercut it in this way or weaken it in that way. we have a full-fledged watchdog. the one we fought for. he's going to be there to fight for us. i love it. >> well, i don't blame you for loving it. it is an amazing thing to see something -- >> it is. >> i remember reading, you wrote a piece in a very, very small policy journal called "democracy" which still exists and turns out great stuff. i remember reading that piece that proposed this idea. you basically said you have this great metaphor, look, if a toaster, if one in ten toasters blows up in a home, we take that off the market, have a consumer
dodd/frank. it was elizabeth warren's brain child. she, of course, was chaperoning it through. should have been the first leader. the banks opposed her so vigorously they basically got the white house to cave. sometimes things ricochet in a good way. we have her and richard cordray. this is a dynamic duo. both powerful, clearest, sharp est minds out there on these issues. >> you're running for new york city comptroller. >> right. you have an opponent named scott stringer, manhattan bureau president here. he was running unopposed until you got into this race. new york city has a public financing system, he opted into the public financing system. you have opted out. he is now saying you should release your tax returns. you've released a summary version. he wants to see all of them. the argument, i don't think it's an implausible one, yours is the one allowing you to opt out of it. i want to play a clip for you attacking mitt romney for not
big news out of washington today. a long-running and fiercely fought battle has been resolved sort of shockingly in democrats' favor. simply by agreeing not to blow up senate filibuster rules today, harry reid convinced senate republicans to stop blocking a number of key white house nominees. perhaps the biggest, clearest democratic victory and frankly victory for american citizens. that biggest victory out of the deal for the first time there is now an officially confirmed director of the consumer financial protection bureau. new watchdog agency created under the dodd/frank financial reform bill, signed to law three years ago in which republicans have been trying to dismantle ever since. joining me to talk about ha this means for american consumers in the fight over financial reform and talk about other stuff going on in his life right now, former governor of new york, democrat eliot spitzer, running for office of new york city comptroller. a new book called "protecting capitalism: case by case." >> thank you for having me. >> you've been writing a lot about the ways in which dodd/frank fall short. the cfpb, this development today, what is it?
about the ways in which dodd/frank fall short. the cfpb, this development today, what is it? >> this is the one piece of unquestioned good news in dodd/frank. it was elizabeth warren's brain child. she, of course, was chaperoning it through. should have been the first leader. the banks opposed her so vigorously they basically got the white house to cave. sometimes things ricochet in a good way. we have her and richard cordray. this is a dynamic duo. both powerful, clearest, sharpesharp est minds out there on these issues. >> you're running for new york city comptroller. >> right. you have an opponent named scott stringer, manhattan bureau president here. he was running unopposed until you got into this race. new york city has a public financing system, he opted into the public financing system. you have opted out. he is now saying you should release your tax returns. you've released a summary version. he wants to see all of them.
president obama wanted to head the new bureau created by the dodd/frank wall street reform bill. the original plan was to nominate, well, elizabeth warren, herself, to head the bureau. since the entire idea was hers to begin with. >> this is an idea i've worked on for a long time, and i can tell you why in five blunt words. the credit market is broken. the broken credit market caused the current crisis, is perpetuating the crisis, and will cause more crises in the future. unless we fix it. >> it was not to be, however. thanks largely to a republican temper tantrum and elizabeth warren's decision to pursue another line of work. joining me now to discuss today's news, as well as her proposal for new ways to rein in wall street is senator elizabeth warren, democrat from massachusetts, and senator, first i want to have you explain to me the following. richard cordray has been running this bureau. it's been up for two years since dodd/frank was passed. tomorrow he's going to go run the bureau again. what changes from yesterday to tomorrow in the fact that he is now officially confirmed to head this position?