Elizabeth Warren defends new consumer financial agency against strong criticism from Republicans | Money & Company | Los Angeles Times: "Appearing before a congressional committee for the first time since being appointed to launch the agency last fall, Warren didn't back down as she faced the Republican majority on a House Financial Services subcommittee.
'If we had had this agency six years ago, eight years ago, we would not be in the mess we are today,' she said.
Many of the Republicans on the committee opposed creation of the agency and now want to limit its budget and authority. They have opposed Warren's appointment to launch the Consumer Financial Protection Bureau and criticized her recent role in negotiations between federal and state officials with mortgage servicers to resolve an investigation into botched foreclosure paperwork because she hasn't been nominated or confirmed by the Senate to head the new agency.
'You have a lot of discretion and a lot of power, but I see very little accountability,' said House Financial Services Committee Chairman Spencer Bachus (R-Ala.). Other Republicans slammed the Consumer Financial Protection Bureau as a 'self-regulated, unchecked body governed by one person' and an agency committed to 'consumer restriction' instead of consumer protection."