A negative political ad that presents the Consumer Financial Protection Bureau as a Soviet-like loan-denying boogeyman set off Elizabeth Warren on Tuesday night.
“They call it CFPB, Washington’s latest regulatory agency, designed to interfere with your personal financial decisions,’’ a voice says during the ad, as robotic employees stamp “DENIED’’ on any and all loan applications. “Washington, D.C. controlling your decisions. Limiting your opportunity. Tell Congress to stop the CFPB now, before they deny you.’’
In the back of the room, you can see two faces in giant red banners. One features CFPB director Richard Cordray. The other features U.S. Sen. Elizabeth Warren, the CFPB’s primary founder.
The fear-filled ad, which cost $500,000 to run and was paid for by the American Action Network, ran several times during Tuesday night’s debate. Its heavy Soviet overtones led Warren to tweet during the debate that it made her “look like a Commie dictator.’’
So... Can we talk about that ad that just ran during the #GOPDebate where I look like a Commie dictator?— Elizabeth Warren (@elizabethforma) November 11, 2015
The Consumer Financial Protection Bureau was created in 2011 as part of the Dodd-Frank financial reform act. The independent agency was designed as a check on financial misconduct and is tasked with investigating companies that offer shady credit cards, mortgages, and student loans.
Ever a defender of her creation, Warren posted a series of tweets that lauded its work reigning in banks, railed against the anti-CFPB campaign, and accused Wall Street and “GOP buddies’’ of being behind the ad.
Warren was the primary force behind the CFPB’s creation, but was not nominated to lead it because of heavy Republican opposition. Instead, she ran for U.S. Senate in Massachusetts.
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