Revisit V.F.'s 2011 profile of Elizabeth Warren, which called her a 'champion of the beleaguered middle class' VFArchive
In her battle to get the Consumer Financial Protection Bureau up and running and to assume its leadership, Elizabeth Warren faced opposition from both sides of the aisle and an army of well-funded business lobbyistsDavid Axelrod denies that placating Wall Street donorsinfluenced the president's decision on Warren.“Geithner hated her," says a former administration official. Part of it was personal—she. had challenged him in public.
But while audiences applauded her, Warren’s opponents lacerated her. She was called incompetent, power-hungry, ignorant, a media whore, and, in a widely televised moment, a liar, by a Republican congressman during a hearing in May. “It was like she was the Antichrist,” says Roger Beverage, the president of the Oklahoma Bankers Association and one of the few bankers who publicly supported her. She had become the lightning rod for the opposition to the C.F.P.B.
From then on, Warren would focus her research on the economic forces bearing down on the American middle class. She would chart the disintegration of government policies that, since the New Deal, had helped create perhaps the strongest middle class in the world—in particular, the deregulation of the banks that began in the 1980s.
“Geithner hated her,” says a former administration official. Part of it was seen as personal because she had scorched him in public.
By this spring, Spencer Bachus, along with his fellow Alabaman, Senator Richard Shelby, was one of the C.F.P.B.’s leading opponents. But they would be joined by the vast majority of Republicans. Some of them had previously admitted to having no particular interest in or understanding of banking, but had developed strong feelings about the C.F.P.B. after receiving campaign donations from banking groups.
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