A few of those “little guys” sat in the packed hearing room Thursday, including a handful of members of the Neighborhood Assistance Corporation of America. The Boston-based advocacy group fights for affordable home ownership among low- and middle-class families. Bruce Marks, its chief executive, and others from the organization were among those cheering during Warren’s remarks.
“It was a breath of fresh air,” Marks said. “It sends a message to the other senators that they have to step up their game.”
Following the hearing, Warren joined fellow Democrats at a news conference in the Capitol to support the consumer bureau. Senate Republicans have renewed calls to reform the agency with proposals that Democrats say would strip the body of its regulatory teeth.
The consumer watchdog was created as part of the Dodd-Frank act, named after then-Connecticut Senator Chris Dodd and former Representative Barney Frank of Massachusetts. It tightened Wall Street banking regulations, aiming to prevent a repeat of the financial crisis.
Warren emerged as a staunch advocate of including consumer safeguards in the legislation, eventually helping create the agency in 2011. President Obama appointed Cordray over Warren to head the regulator after Senate Republicans vowed to block her nomination.
Warren then won her Senate seat, from which she said she will continue the fight for financial regulations.
“I’m just going to keep pushing,” Warren told a gaggle of reporters who watched Thursday’s hearing. “But I think you got the point.”