[Congressional Record Volume 156, Number 108 (Wednesday, July 21, 2010)]
[House]
[Pages H5824-H5825]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            FINANCIAL RISKS

  (Ms. SPEIER asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. SPEIER. Mr. Speaker, 3 years ago Professor Elizabeth Warren 
warned about the financial risks associated with subprime and no doc 
mortgages and the shell games that were being masked as risk-free 
investments.
  She said that consumers can't buy a toaster that has a 1-in-5 chance 
of bursting into flames, but they can enter into a mortgage that has 
the same 1-in-5 chance of putting them out on the street. In the end, 
she told us what would happen, and it did.
  But Professor Warren didn't just limit herself to warnings. She laid 
out the foundation of what would soon become the Consumer Financial 
Protection Bureau. With the President's signing of the Wall Street 
reform today, the time has finally come to appoint a director to this 
new bureau. We need a proven fighter at the helm with a

[[Page H5825]]

strong record of being tireless, independent, and willing to speak out 
for consumers when others won't.
  She is the best choice for the job. I urge the President to appoint 
Elizabeth Warren to the post.

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